“123 wake up, 123 wake up” the kid repeats thinking he’s having a nightmare, but he’s not and something scary is happening. Something pretty heavy. Impossible to search for because of some brightly colored, cheerful tv show where they say that a lot. Likely a 1980s movie or early 90s movie which also makes it hard to search for. Not entirely sure the kid was male, but I think so.
I think “The sixth sense” (1999) had several scenes, where the kid would say something like that, probably worth checking.
Now I remember it –
it is “White Squall” (1996), towards the end (01:40).