[guided]Assume that $\rho(y)-\rho(x)\ge 2$. The rank difference determines the dimension of the spheres appearing in the hypothesis, so we define
\begin{align*}
d=\rho(y)-\rho(x)-2.
\end{align*}
Because $\rho(y)-\rho(x)\ge 2$, this integer satisfies $d\ge 0$.
The hypothesis gives a homotopy equivalence from the order complex $\triangle((x,y))$ to a wedge $W_{x,y}$ of $m_{x,y}$ copies of the sphere $S^d$. Reduced Euler characteristic is a homotopy invariant, so replacing $\triangle((x,y))$ by the homotopy equivalent space $W_{x,y}$ does not change the value of $\widetilde{\chi}$. Thus
\begin{align*}
\widetilde{\chi}\bigl(\triangle((x,y))\bigr)=\widetilde{\chi}(W_{x,y}).
\end{align*}
It remains only to compute the reduced Euler characteristic of $W_{x,y}$. A wedge of $m_{x,y}$ spheres of dimension $d$ has reduced homology concentrated in degree $d$, where the reduced homology group is free of rank $m_{x,y}$. In every other degree the reduced homology group is zero. Since reduced Euler characteristic is the alternating sum of the ranks of reduced homology groups, this gives
\begin{align*}
\widetilde{\chi}(W_{x,y})=(-1)^d m_{x,y}.
\end{align*}
If $m_{x,y}=0$, this formula gives $0$, which is exactly the convention that an empty wedge of nonnegative-dimensional spheres contributes reduced Euler characteristic $0$.
Finally, substituting the definition of $d$ yields
\begin{align*}
\widetilde{\chi}\bigl(\triangle((x,y))\bigr)=(-1)^{\rho(y)-\rho(x)-2}m_{x,y}.
\end{align*}[/guided]