joj,

I don't trade the S&P but note the well defined  triangle you are referring to.

From the top/highs in late January, then the spike double bottom lows in February. Ever since then, we've been making higher lows and lower highs....though the mid March high tried to break out to the upside. 

Like you said, it has upside potential. Triangles in a long term bull market are often a continuation formation........confirmed on the upside break out.