Update

Now the move looks like impulse and you can see it bullish another leg up has started or bearish corrective pattern has been completed(SPXEW shows it more clear the charts below).
In both cases I think FOMC will be a high then lower before Christmas and higher for the holidays. The size of this moves will give us more clarity.

The last move up looks like impulse now and it could be 1 or c flat correction.

SPXEW bullish - wave 1/c after completed w-x-y/b.
What bothers me with the bullish case is if we have 40w low why did not we see fear - market breadth indicators just hovering in the middle of their ranges.

SPXEW bearish - flat correction completing x-wave with y/b to follow.