{
  "ticker": {
    "symbol": "BTCL",
    "name": "T-REX 2X LONG BITCOIN DAILY TARGET ETF",
    "exchange": "CBOE"
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  "latest_open": 11.85,
  "latest_high": 12.8091,
  "latest_low": 11.79,
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    "price_basis": "weekly OHLCV; Elliott pivots use weekly closes",
    "wave_method": "constraint-based Elliott candidate enumeration",
    "cycle_method": "adaptive Hurst-style phasing with nominal harmonic bands, trough spacing, FLD and cyclic trend-line confirmation",
    "repainting_policy": "only the final active pivot is provisional; confirmed pivots are retained"
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    {
      "index": 95,
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    {
      "index": 108,
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        "date": "2026-05-15",
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        "date": "2026-05-22",
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        "date": "2026-05-29",
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        "date": "2026-06-05",
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        "date": "2026-06-26",
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      {
        "date": "2026-07-03",
        "value": -1.5305134266186722
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        "date": "2026-07-10",
        "value": -1.4757281919307907
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      {
        "date": "2026-07-17",
        "value": -1.4056337541327488
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        "date": "2026-07-24",
        "value": -1.339062112296838
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      {
        "date": "2026-07-31",
        "value": -1.29429527718134
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      {
        "date": "2026-08-07",
        "value": -1.2083626211170206
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    ]
  },
  "structure": {
    "primary": {
      "id": "primary-bearish-wave5",
      "degree": "primary",
      "pattern": "impulse",
      "stage": "wave5",
      "title": "Five-wave decline mature",
      "direction": "bearish",
      "score": 92,
      "rules": [
        {
          "label": "Wave 2 protects the Wave 1 origin",
          "passed": true,
          "detail": "Origin 63.48; Wave 2 34.16.",
          "hard": true
        },
        {
          "label": "Wave 3 exceeds Wave 1",
          "passed": true,
          "detail": "Wave 1 28.47; Wave 3 14.48.",
          "hard": true
        },
        {
          "label": "Wave 4 does not overlap Wave 1",
          "passed": true,
          "detail": "Wave 1 boundary 28.47; Wave 4 20.79.",
          "hard": true
        },
        {
          "label": "Wave 3 is not the shortest motive wave",
          "passed": true,
          "detail": "Motive lengths: 35.01, 19.68, 8.11.",
          "hard": true
        },
        {
          "label": "Wave 5 makes motive progress",
          "passed": true,
          "detail": "Wave 3 14.48; Wave 5 12.68.",
          "hard": false
        }
      ],
      "guidelines": [
        {
          "label": "Wave 2 retracement is proportionate",
          "passed": false,
          "detail": "Retraced 16% of Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 3 extension is plausible",
          "passed": false,
          "detail": "Wave 3 is 0.56\u00d7 Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 4 retracement is proportionate",
          "passed": true,
          "detail": "Retraced 32% of Wave 3.",
          "hard": false
        },
        {
          "label": "Waves 2 and 4 show temporal alternation",
          "passed": true,
          "detail": "Wave 2 lasted 8w; Wave 4 lasted 6w.",
          "hard": false
        }
      ],
      "labels": [
        {
          "index": 64,
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          "index": 79,
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        {
          "index": 89,
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        },
        {
          "index": 95,
          "date": "2026-05-08",
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          "move_percent": 43.577348066298335,
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          "confirmed": true,
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        },
        {
          "index": 108,
          "date": "2026-08-07",
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          "kind": "low",
          "move_percent": -38.991822991822986,
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      ],
      "invalidation": 20.79,
      "confirmation": 12.6836,
      "forming": true,
      "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
      "evidence_weight": 83
    },
    "alternates": [
      {
        "id": "primary-bearish-wave3",
        "degree": "primary",
        "pattern": "impulse",
        "stage": "wave3",
        "title": "Possible bearish Wave 3 declining",
        "direction": "bearish",
        "score": 69,
        "rules": [
          {
            "label": "Wave 2 protects the Wave 1 origin",
            "passed": true,
            "detail": "Origin 34.16; Wave 2 20.79.",
            "hard": true
          },
          {
            "label": "Wave 3 exceeds Wave 1",
            "passed": true,
            "detail": "Wave 1 14.48; Wave 3 12.68.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
            "passed": true,
            "detail": "Retraced 32% of Wave 1.",
            "hard": false
          },
          {
            "label": "Wave 3 extension is plausible",
            "passed": false,
            "detail": "Wave 3 is 0.41\u00d7 Wave 1.",
            "hard": false
          }
        ],
        "labels": [
          {
            "index": 79,
            "date": "2026-01-16",
            "price": 34.16,
            "kind": "high",
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            "weeks": 8,
            "confirmed": true,
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          },
          {
            "index": 89,
            "date": "2026-03-27",
            "price": 14.48,
            "kind": "low",
            "move_percent": -57.611241217798586,
            "weeks": 10,
            "confirmed": true,
            "label": "1"
          },
          {
            "index": 95,
            "date": "2026-05-08",
            "price": 20.79,
            "kind": "high",
            "move_percent": 43.577348066298335,
            "weeks": 6,
            "confirmed": true,
            "label": "2"
          },
          {
            "index": 108,
            "date": "2026-08-07",
            "price": 12.6836,
            "kind": "low",
            "move_percent": -38.991822991822986,
            "weeks": 13,
            "confirmed": false,
            "label": "3"
          }
        ],
        "invalidation": 20.79,
        "confirmation": 12.6836,
        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 12
      },
      {
        "id": "primary-bullish-abc",
        "degree": "primary",
        "pattern": "correction",
        "stage": "wave_c",
        "title": "A/B/C reset may be completing",
        "direction": "bullish",
        "score": 59,
        "rules": [
          {
            "label": "Wave B protects the correction origin",
            "passed": true,
            "detail": "Origin 34.16; Wave B 20.79.",
            "hard": true
          },
          {
            "label": "Wave C progresses beyond Wave A",
            "passed": true,
            "detail": "A length 19.68; C length 8.11.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave C is proportionate to Wave A",
            "passed": true,
            "detail": "Wave C is 0.41\u00d7 Wave A.",
            "hard": false
          }
        ],
        "labels": [
          {
            "index": 79,
            "date": "2026-01-16",
            "price": 34.16,
            "kind": "high",
            "move_percent": 19.99084753652395,
            "weeks": 8,
            "confirmed": true,
            "label": "5"
          },
          {
            "index": 89,
            "date": "2026-03-27",
            "price": 14.48,
            "kind": "low",
            "move_percent": -57.611241217798586,
            "weeks": 10,
            "confirmed": true,
            "label": "A"
          },
          {
            "index": 95,
            "date": "2026-05-08",
            "price": 20.79,
            "kind": "high",
            "move_percent": 43.577348066298335,
            "weeks": 6,
            "confirmed": true,
            "label": "B"
          },
          {
            "index": 108,
            "date": "2026-08-07",
            "price": 12.6836,
            "kind": "low",
            "move_percent": -38.991822991822986,
            "weeks": 13,
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            "label": "C"
          }
        ],
        "invalidation": 12.6836,
        "confirmation": 20.79,
        "forming": true,
        "explanation": "A three-leg corrective interpretation whose Wave B and Wave C geometry is internally consistent.",
        "evidence_weight": 5
      }
    ],
    "degrees": [
      {
        "key": "strategic",
        "label": "Strategic",
        "reversal_percent": 24.0,
        "primary": {
          "id": "strategic-bearish-wave4",
          "degree": "strategic",
          "pattern": "impulse",
          "stage": "wave4",
          "title": "Possible bearish Wave 4 crest",
          "direction": "bearish",
          "score": 85,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 25.87; Wave 2 20.79.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 14.48; Wave 3 11.51.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 14.48; Wave 4 12.68.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 55% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": true,
              "detail": "Wave 3 is 0.81\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 13% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": true,
              "detail": "Wave 2 lasted 6w; Wave 4 lasted 9w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 81,
              "date": "2026-01-30",
              "price": 25.87,
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              "move_percent": null,
              "weeks": 0,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 89,
              "date": "2026-03-27",
              "price": 14.48,
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              "move_percent": -44.02783146501739,
              "weeks": 8,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 95,
              "date": "2026-05-08",
              "price": 20.79,
              "kind": "high",
              "move_percent": 43.577348066298335,
              "weeks": 6,
              "confirmed": true,
              "label": "2"
            },
            {
              "index": 99,
              "date": "2026-06-05",
              "price": 11.51,
              "kind": "low",
              "move_percent": -44.636844636844636,
              "weeks": 4,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 108,
              "date": "2026-08-07",
              "price": 12.6836,
              "kind": "high",
              "move_percent": 10.196350999131194,
              "weeks": 9,
              "confirmed": false,
              "label": "4"
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          ],
          "invalidation": 20.79,
          "confirmation": 11.51,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements."
        },
        "candidate_count": 2,
        "explanation": "Strategic degree uses a 24.0% weekly closing-price reversal threshold."
      },
      {
        "key": "primary",
        "label": "Primary",
        "reversal_percent": 16.0,
        "primary": {
          "id": "primary-bearish-wave5",
          "degree": "primary",
          "pattern": "impulse",
          "stage": "wave5",
          "title": "Five-wave decline mature",
          "direction": "bearish",
          "score": 92,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 63.48; Wave 2 34.16.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 28.47; Wave 3 14.48.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 28.47; Wave 4 20.79.",
              "hard": true
            },
            {
              "label": "Wave 3 is not the shortest motive wave",
              "passed": true,
              "detail": "Motive lengths: 35.01, 19.68, 8.11.",
              "hard": true
            },
            {
              "label": "Wave 5 makes motive progress",
              "passed": true,
              "detail": "Wave 3 14.48; Wave 5 12.68.",
              "hard": false
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 16% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": false,
              "detail": "Wave 3 is 0.56\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 32% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": true,
              "detail": "Wave 2 lasted 8w; Wave 4 lasted 6w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 64,
              "date": "2025-10-03",
              "price": 63.47715,
              "kind": "high",
              "move_percent": 26.024991711122198,
              "weeks": 1,
              "confirmed": true,
              "label": "0"
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            {
              "index": 71,
              "date": "2025-11-21",
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              "kind": "low",
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            {
              "index": 79,
              "date": "2026-01-16",
              "price": 34.16,
              "kind": "high",
              "move_percent": 19.99084753652395,
              "weeks": 8,
              "confirmed": true,
              "label": "2"
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            {
              "index": 89,
              "date": "2026-03-27",
              "price": 14.48,
              "kind": "low",
              "move_percent": -57.611241217798586,
              "weeks": 10,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 95,
              "date": "2026-05-08",
              "price": 20.79,
              "kind": "high",
              "move_percent": 43.577348066298335,
              "weeks": 6,
              "confirmed": true,
              "label": "4"
            },
            {
              "index": 108,
              "date": "2026-08-07",
              "price": 12.6836,
              "kind": "low",
              "move_percent": -38.991822991822986,
              "weeks": 13,
              "confirmed": false,
              "label": "5"
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          ],
          "invalidation": 20.79,
          "confirmation": 12.6836,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 83
        },
        "candidate_count": 3,
        "explanation": "Primary degree uses a 16.0% weekly closing-price reversal threshold."
      },
      {
        "key": "tactical",
        "label": "Tactical",
        "reversal_percent": 11.2,
        "primary": {
          "id": "tactical-bearish-wave2",
          "degree": "tactical",
          "pattern": "impulse",
          "stage": "wave2",
          "title": "Possible bearish Wave 2 crest",
          "direction": "bearish",
          "score": 58,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 20.79; Wave 2 12.68.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 17% of Wave 1.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 95,
              "date": "2026-05-08",
              "price": 20.79,
              "kind": "high",
              "move_percent": 43.577348066298335,
              "weeks": 6,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 102,
              "date": "2026-06-26",
              "price": 11.02,
              "kind": "low",
              "move_percent": -46.993746993746996,
              "weeks": 7,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 108,
              "date": "2026-08-07",
              "price": 12.6836,
              "kind": "high",
              "move_percent": 15.096188747731404,
              "weeks": 6,
              "confirmed": false,
              "label": "2"
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          ],
          "invalidation": 20.79,
          "confirmation": 11.02,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements."
        },
        "candidate_count": 1,
        "explanation": "Tactical degree uses a 11.2% weekly closing-price reversal threshold."
      }
    ],
    "stability": {
      "score": 100,
      "changes": 0,
      "observations": 9,
      "label": "High"
    },
    "method": "constraint-based Elliott candidate enumeration",
    "explanation": "Counts must pass hard Elliott geometry rules. Fibonacci relationships, alternation and cycle evidence rank admissible interpretations; evidence weights compare scenarios and are not forecast probabilities."
  },
  "scenario": {
    "setup": "wave5_risk",
    "title": "Five-wave decline mature",
    "direction": "risk",
    "confidence": 79,
    "score_explanation": "Rules agreement plus independent cycle, trend and participation confirmation; it is not a probability.",
    "candidate_id": "primary-bearish-wave5",
    "labels": [
      {
        "index": 64,
        "date": "2025-10-03",
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      {
        "index": 71,
        "date": "2025-11-21",
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        "weeks": 7,
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        "label": "1"
      },
      {
        "index": 79,
        "date": "2026-01-16",
        "price": 34.16,
        "kind": "high",
        "move_percent": 19.99084753652395,
        "weeks": 8,
        "confirmed": true,
        "label": "2"
      },
      {
        "index": 89,
        "date": "2026-03-27",
        "price": 14.48,
        "kind": "low",
        "move_percent": -57.611241217798586,
        "weeks": 10,
        "confirmed": true,
        "label": "3"
      },
      {
        "index": 95,
        "date": "2026-05-08",
        "price": 20.79,
        "kind": "high",
        "move_percent": 43.577348066298335,
        "weeks": 6,
        "confirmed": true,
        "label": "4"
      },
      {
        "index": 108,
        "date": "2026-08-07",
        "price": 12.6836,
        "kind": "low",
        "move_percent": -38.991822991822986,
        "weeks": 13,
        "confirmed": false,
        "label": "5"
      }
    ],
    "notes": [
      "Market Activity has fallen below zero.",
      "Market Dynamics is negative.",
      "30-week price rate of change is negative."
    ],
    "metrics": {
      "trend_gap": -25.059173450589135,
      "fair_value_gap": -64.47354570965322,
      "market_activity": -58.549337,
      "market_dynamics": -0.341903,
      "relative_strength": -61.295693,
      "roc30": -58.56386801698792,
      "hurst_alignment": 75,
      "hurst_risk": 25
    }
  },
  "detail": {
    "summary": "The closing-price swing map is classified as five-wave decline mature. Price is 25.1% below its 30-week trend. 2 of 7 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 1.6314102564102546
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      {
        "weeks": 13,
        "label": "13-week return",
        "value": -38.991822991822986
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": -26.790187590187585
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      {
        "weeks": 52,
        "label": "52-week return",
        "value": -78.80366442121141
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    ],
    "range": {
      "high_52": 67.151646,
      "low_52": 10.4,
      "position_52": 4.023848048389644,
      "drawdown": -81.11200431334179
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    "risk": {
      "annualised_volatility": 70.10860835921358,
      "average_weekly_range": 15.113925541234744,
      "active_drawdown": -80.01863662751084
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    "levels": {
      "support": null,
      "resistance": {
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        "date": "2026-05-08",
        "price": 20.79,
        "kind": "high",
        "move_percent": 43.577348066298335,
        "weeks": 6,
        "confirmed": true
      },
      "decisive": {
        "index": 95,
        "date": "2026-05-08",
        "price": 20.79,
        "kind": "high",
        "move_percent": 43.577348066298335,
        "weeks": 6,
        "confirmed": true
      },
      "decisive_label": "Bearish structure weakens above",
      "trend": 16.92482,
      "fair_value": 35.701846,
      "trend_gap": -25.059173450589135,
      "fair_value_gap": -64.47354570965322
    },
    "active_swing": {
      "from": {
        "index": 95,
        "date": "2026-05-08",
        "price": 20.79,
        "kind": "high",
        "move_percent": 43.577348066298335,
        "weeks": 6,
        "confirmed": true
      },
      "to": {
        "index": 108,
        "date": "2026-08-07",
        "price": 12.6836,
        "kind": "low",
        "move_percent": -38.991822991822986,
        "weeks": 13,
        "confirmed": false
      },
      "move_percent": -38.991822991822986,
      "weeks": 13,
      "status": "Forming"
    },
    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "negative",
          "value": "25.1% below trend",
          "explanation": "Price remains below its 30-week trend."
        },
        {
          "label": "Cycle pressure",
          "status": "positive",
          "value": "Troughing",
          "explanation": "The medium-term pressure curve is turning higher."
        },
        {
          "label": "Cycle alignment",
          "status": "positive",
          "value": "Rising Stack",
          "explanation": "Several cycle lengths are improving together."
        },
        {
          "label": "Relative strength",
          "status": "negative",
          "value": "-61.3",
          "explanation": "Underperforming its benchmark"
        },
        {
          "label": "Market activity",
          "status": "negative",
          "value": "-58.5",
          "explanation": "Participation is weak"
        },
        {
          "label": "Market dynamics",
          "status": "negative",
          "value": "-0.3",
          "explanation": "Price and volume behaviour is weak"
        },
        {
          "label": "30-week momentum",
          "status": "negative",
          "value": "-58.6",
          "explanation": "Medium-term momentum is negative"
        }
      ],
      "positive": 2,
      "negative": 5,
      "neutral": 0,
      "observed": 7,
      "agreement": 71,
      "direction": "defensive",
      "scenario_direction": "risk"
    },
    "evidence": {
      "score": 80,
      "history_score": 42,
      "indicator_coverage": 100,
      "structure_score": 100,
      "weekly_observations": 109,
      "confirmed_pivots": 13
    },
    "volume_ratio": 60.11695811682776,
    "historical": {
      "available": true,
      "matches": 31,
      "horizons": [
        {
          "weeks": 4,
          "observations": 30,
          "positive_rate": 43.3,
          "median_return": -2.19,
          "bar_width": 10.95,
          "average_return": -8.56,
          "best_return": 35.91,
          "worst_return": -51.76
        },
        {
          "weeks": 13,
          "observations": 24,
          "positive_rate": 16.7,
          "median_return": -35.12,
          "bar_width": 100.0,
          "average_return": -28.04,
          "best_return": 22.23,
          "worst_return": -54.47
        },
        {
          "weeks": 26,
          "observations": 11,
          "positive_rate": 0.0,
          "median_return": -59.23,
          "bar_width": 100.0,
          "average_return": -56.52,
          "best_return": -35.44,
          "worst_return": -63.33
        }
      ],
      "note": "Overlapping historical matches are descriptive context, not independent observations or a forecast."
    },
    "lifecycle": {
      "state": "mature",
      "label": "Mature / manage risk",
      "now": "Five-wave decline mature is the highest-ranked admissible primary count; cycle status is rising stack.",
      "next": "Watch for a confirmed weekly reversal, cycle rollover, or deterioration in relative strength and participation; a mature count is a risk-management state, not a fresh bullish trigger.",
      "wrong": "The underlying directional structure fails beyond 20.79; a forming endpoint can extend before that happens.",
      "risk": "The active endpoint can move until its reversal is confirmed; earnings, gaps and volatility can jump through technical levels.",
      "explanation": "The lifecycle separates an interesting setup from price confirmation, an active thesis, maturity and invalidation."
    },
    "peer_evidence": {
      "available": true,
      "peers": 16,
      "constructive_count": 3,
      "constructive_percent": 19,
      "rising_cycle_count": 3,
      "rising_cycle_percent": 19,
      "horizons": [
        {
          "weeks": 4,
          "observations": 209,
          "positive_rate": 53.1,
          "median_return": 0.2,
          "average_return": 1.12,
          "median_excess_return": -0.72,
          "excess_observations": 209,
          "p10": -6.59,
          "p90": 9.02
        },
        {
          "weeks": 13,
          "observations": 85,
          "positive_rate": 54.1,
          "median_return": 0.64,
          "average_return": 1.62,
          "median_excess_return": -1.46,
          "excess_observations": 85,
          "p10": -11.01,
          "p90": 19.92
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        {
          "weeks": 26,
          "observations": 49,
          "positive_rate": 51.0,
          "median_return": 0.32,
          "average_return": 3.93,
          "median_excess_return": -7.82,
          "excess_observations": 49,
          "p10": -11.31,
          "p90": 17.87
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      ],
      "benchmark": "SPY",
      "explanation": "Breadth shows whether peers share the structure. Cohort outcomes use non-overlapping, point-in-time trend and momentum states from the same sector and report benchmark excess return when matching benchmark bars exist; they are context, not a backtest of the Elliott count."
    },
    "event_positioning": {
      "earnings_date": null,
      "earnings_weeks": null,
      "options_available": true,
      "options_direction": "bullish",
      "options_conviction": 49.91,
      "expected_move": 11.70744761,
      "invalidation_distance": 63.91245387744803,
      "collision": false,
      "flags": [
        "Stored options pressure is bullish with 50/100 conviction."
      ],
      "explanation": "Event and positioning context tests whether a scheduled catalyst or the options-implied move could overwhelm the technical structure."
    },
    "downside_vulnerability": {
      "score": 29,
      "label": "Contained",
      "tone": "contained",
      "components": [
        {
          "key": "wave",
          "label": "Wave maturity",
          "score": 25,
          "maximum": 25,
          "bar_width": 100,
          "explanation": "A forming Wave 5 is mature structure: upside can continue, but reward-to-risk is usually less forgiving."
        },
        {
          "key": "extension",
          "label": "Trend extension",
          "score": 0,
          "maximum": 20,
          "bar_width": 0,
          "explanation": "Price is 25.1% below the 30-week trend; large positive gaps increase snap-back vulnerability."
        },
        {
          "key": "range",
          "label": "Range position",
          "score": 0,
          "maximum": 15,
          "bar_width": 0,
          "explanation": "Price is 4% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
          "label": "Cycle rollover",
          "score": 0,
          "maximum": 15,
          "bar_width": 0,
          "explanation": "Medium-term cycle pressure is troughing."
        },
        {
          "key": "hurst",
          "label": "Multi-cycle risk",
          "score": 4,
          "maximum": 15,
          "bar_width": 25,
          "explanation": "Hurst risk alignment is 25/100."
        },
        {
          "key": "stability",
          "label": "Count instability",
          "score": 0,
          "maximum": 10,
          "bar_width": 0,
          "explanation": "The primary interpretation has high recent stability."
        },
        {
          "key": "event",
          "label": "Event proximity",
          "score": 0,
          "maximum": 10,
          "bar_width": 0,
          "explanation": "No upcoming stored earnings date is available."
        }
      ],
      "warnings": [
        "A forming Wave 5 is mature structure: upside can continue, but reward-to-risk is usually less forgiving."
      ],
      "explanation": "This is a pre-emptive vulnerability checklist, not a probability of decline. It rises when mature wave structure, overextension, cycle rollover, count instability and event risk cluster before price breaks down."
    }
  },
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