The S&P 500 is in a nice uptrend, now seen in final Wave 5 of bigger bullish impulse. Wave 5 is unfolding an impulsive substructure, meaning clear five waves, that can be headed to 2685, while market trades above 2636.
S&P 500, 1h
At the same time, we also see the German DAX moving higher in Wave C with missing sub-wave five that can complete an ending diagonal near 13300.
German DAX, 1h
The euro/Japanese yen (EUR/JPY) currency is falling on the hourly chart, which could suggest final Leg E) of B to be in progress. We see support for Wave E) around the Fibonacci ratio of 61.8, where the price can reverse higher. A rise in five legs and above the former Swing D) would suggest a completed higher degree correction and more upside.