Ancient History--the Euro Rally of 2000-2004
The euro rally from the low of .8227 in October of 2000 to 1.3660 at the end of December 2004 could be charted out with two alpha-beta-delta pairs, with an irregular x-y-z in the middle.
The first alpha occurred in January 01 at a level of .9339. The beta was made in July, almost exactly six months later, at .8349. The delta 2 target was around 1.0950--1.10, which it achieved in February of 03.
There then came an irregular x-y-z, then a new alpha at 1.2926 in February of 04, a beta at the end of April at 1.1759, and a move up to the delta 1 target (1.618) on the last trading day of 2004.
