This site has maintained that the entire bull market from the March '09 lows is an "X" wave - basically an intermission in a very long term bear market. In that context, the ES is viewed as forming a double zig-zag in the period since those Mar '09 lows, with the second of those zig-zags in progress since the Oct '11 lows. Further, this second zig-zag is nearing completion, with waves A and B done and wave C forming an ending diagonal that is in it's 5th, and thus last, wave.
There is a significant confluence of factors at Wednesday's 1506 high. First, a trendline connecting the wave 1 and wave 3 tops of the ending diagonal intersects Wednesday's high almost perfectly. Second, a trendline drawn across the tops of the wave 5 highs also lands in that same vicinity on Wednesday. Third, a fibonacci 1.618 multiple of Major Wave A of the current zig zag added to the low of Major Wave B yields a top for Major Wave C of 1505.50. Fourth, a fibonacci .618 multiple of Primary Wave W, the 1st of the double zig-zags of Cycle Wave X, when added to the 1068.00 low marking the onset of Primary Wave Y yields a top for Primary Wave Y of 1505.50.
