He doesn't generally wait that long to panic though (Nuno, Poch) And Jose got sacked when we were 7th, Conte 4th.The general consensus is that Levy expects European football of some description.
Ange will only get the boot if we're still in the bottom half of the table around January. Levy will figure that a new manager boost could see us nab seventh or eighth.
I just cannot see a way Levy allows the League form to last anywhere near January, unless he's hired some sort of zen guru to keep him calm.