It's one option to trade inside the triangle, that does make a decent reversal candle for its location & big . The other option is to sit on hands, or sell some calls.
If the price breaks below 198.5, SPY can easily move back down to 196, 194, then around 192.
To me it's a no go because of poor RR ratio.
Great setup, poor RR = no go.
Hint: You wanna compare the chart with Jan. 2008 which ended up a market. Also compare with Aug. 2011 which ended up continuing the . You'll find them interesting... :)
Plan ahead and trade your plan. Happy trading to all!