Has the Market Put In an Alibaba High?

This is one scary looking near-term technical set-up, and increasingly leaves me thinking that the Sept 19 all-time new high ended the entire upleg off of the Aug 8 low at 1882.75.

A sustained breach of 1987.50 to 1983.00 should trigger downside follow-through directly towards a test of the prior pivot low area at 1972-1968 from Sept 14.