The SPX may briefly break above the diagonal wedge and hit multiple long term resistance areas. The SPX can't go above 3118 (the length of wave 3 in the triangle) or it will quickly accelerate upwards to new highs.
The market could then quickly retrace the origin of the entire 5 wave wedge, which is 2365. This would be a 25% decline in the markets.
A low-risk, high reward trade is to short the market as it breaks above the wedge but exit the short position if it goes above 3188.