Risk-on key market top metric never hit resistance trendline

Ideally we would see a tag of the (log) trendline shown here. Not sure yet if we saw the peak of risk-on or this is forming a type of descending wedge and we can expect some sort of breakout next year? With Fed's jawboning tapering (the T word), markets cooled off early IMO, I expect that type of talk to be backpedalled as soon as any collateral/asset/market dumps too far (exception for now may be crypto as it's not systemically linked yet to global financial system)