FX:EURUSD Euro Fx/U.S. Dollar
As you can see in the chart last time a spread between SPY and Euro of this magnitude was during 2000 Tech Bubble Peak. What you might also notice is the fact that in 2000, Euro bottomed while SPY hit an all-time high. If price action repeats we should see Euro capitulate and higher highs or a flat top for S&P 500 Index / SPY . After SPY-Euro divergence is maximized the two would later reach an equilibrium.
I noticed the comparison between i-ii, and the later fractal had a more volatile drop. Also, i-ii in comparison had a slower rise on the first fractal compared to the second fractal. With both imputes, I wonder if this is always true... usually you have a deeper iv on the second and and flatter v as well. Market technicians have not put out enough evidence or research regarding fractals, but there should be.