In terms, the price action of the U.S. equities markets since the peak in 2000 has been corrective. It is more clear to see in the inflation-adjusted equities charts. The present wave structure is most probably a "flat" (or perhaps an "expanded flat"). In either scenario, the price at this level would not be expected to exceed the peak of the previous wave (or at least not exceed it significantly) and the subsequent downturn (in wave C) should meet (or perhaps somewhat exceed) the extreme of the previous one (wave A).
I suggest you to read the chart beginning with 100+ year time frame on log scale.
That A-B-C decline is surely a completed zigzag (it has an internal 5-3-5 wave structure, and a total 3-wave structure). However, the following rally up to now from 2009 looks more like a long 3-wave ABC than a proper 5-wave impulse, in my view. Therefore, it leads me to believe that this will be followed by a 5-wave impulse, making altogether a more complex and larger (3-3-5) wave combination.
As for the ABC like move since the bottom of 2009, my view is that we are in and near the end of the grand cycle wave 3. My analysis points to the end of wave 3 around 2250 level, likely to happen during this summer. I expect a wave 4 to last about six months into 2016 and to take us back to the 1900s levels. The five wave structure have not had a chance to evolve.
An important point to consider about the E.W. principle, though, is that an "expanded flat" correction always reaches a price extreme beyond that of the preceding impulse wave. That is to say, in this case, that if the year 2000 peak was the end of the preceding 5-wave advance, then the "B" wave of this expanded flat which has been unfolding since then is supposed to go higher than that 2000 peak, and the following "C" wave will go lower than where the "A" wave ended. The price distance that the wave has risen so far would not make it an invalid "B" wave within an expanded flat. The usefulness of their analysis would be in recognizing the rally from 2009 as still being in the middle of a larger multi-year downward correction rather than being the renewal of the longer-term upward trend.
Despite differing perspectives on the wave count, I think we both agree that markets will start correcting downward in a wave 4 this Summer ;-)