{
  "ticker": {
    "symbol": "491A",
    "name": "iShares S&P 500 Ex-Financials JPY Hedged ETF",
    "exchange": "JPX"
  },
  "latest_week": "2026-08-07",
  "latest_close": 555.400024,
  "latest_open": 547.299988,
  "latest_high": 560.099976,
  "latest_low": 547.299988,
  "bar_count": 28,
  "analysis_bar_count": 28,
  "reversal_percent": 5.0,
  "model": {
    "version": "ewc-2.1.0",
    "as_of": "2026-08-07",
    "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"
  },
  "pivots": [
    {
      "index": 0,
      "date": "2026-01-30",
      "price": 505.700012,
      "kind": "low",
      "move_percent": null,
      "weeks": 0,
      "confirmed": true
    },
    {
      "index": 27,
      "date": "2026-08-07",
      "price": 555.400024,
      "kind": "high",
      "move_percent": 9.827963381578883,
      "weeks": 27,
      "confirmed": false
    }
  ],
  "cycle": {
    "phase": "cresting",
    "trend_bias": "bearish",
    "oscillator": 3.174947868798346,
    "slope": -1.1009235412396552,
    "dominant_period_weeks": 40,
    "period_basis": "median confirmed trough-to-trough and crest-to-crest spacing",
    "weeks_since_turn": 27,
    "estimated_weeks_to_next_turn": 0,
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        "date": "2026-01-30",
        "value": null
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        "date": "2026-02-06",
        "value": null
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      {
        "date": "2026-02-13",
        "value": null
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      {
        "date": "2026-02-20",
        "value": 0.0
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      {
        "date": "2026-02-27",
        "value": 0.0
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      {
        "date": "2026-03-06",
        "value": 0.0
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      {
        "date": "2026-03-13",
        "value": 0.0
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      {
        "date": "2026-03-20",
        "value": 0.0
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        "date": "2026-03-27",
        "value": 0.0
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      {
        "date": "2026-04-03",
        "value": 0.0
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      {
        "date": "2026-04-10",
        "value": 0.0
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      {
        "date": "2026-04-17",
        "value": 0.0
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      {
        "date": "2026-04-24",
        "value": 0.0
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        "date": "2026-05-01",
        "value": 0.0
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      {
        "date": "2026-05-08",
        "value": 0.0
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        "date": "2026-05-15",
        "value": 0.0
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        "date": "2026-05-22",
        "value": 0.0
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        "date": "2026-05-29",
        "value": 0.0
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      {
        "date": "2026-06-05",
        "value": 0.0
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      {
        "date": "2026-06-12",
        "value": 1.1772448084235088
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      {
        "date": "2026-06-19",
        "value": 2.4728352939270812
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      {
        "date": "2026-06-26",
        "value": 3.1733185971624684
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      {
        "date": "2026-07-03",
        "value": 4.394498764482726
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      {
        "date": "2026-07-10",
        "value": 4.275871410038001
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        "date": "2026-07-17",
        "value": 3.808703654027557
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      {
        "date": "2026-07-24",
        "value": 3.735566333894873
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      {
        "date": "2026-07-31",
        "value": 3.0737036850583195
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      {
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        "value": 3.174947868798346
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  "hurst": {
    "status": "mixed",
    "phase": "rising",
    "alignment_score": 50,
    "risk_score": 50,
    "trough_alignment": 0,
    "crest_alignment": 0,
    "nearest_trough_window": 19,
    "nearest_crest_window": 13,
    "method": "adaptive Hurst-style phasing with nominal harmonic bands, trough spacing, FLD and cyclic trend-line confirmation",
    "explanation": "Nominal cycles are starting bands, not fixed clocks. Each period adapts to the strongest nearby repeat in detrended weekly prices; projected turns are future intervals and require price confirmation.",
    "cycles": [
      {
        "period": 10,
        "label": "10w",
        "estimated_period": 10,
        "period_range": [
          8,
          12
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        "period_strength": 0,
        "phase": "rising",
        "value": 0.35669471322635016,
        "slope": 0.4791776769570411,
        "amplitude": 2.234,
        "weeks_since_trough": 1,
        "weeks_since_crest": 12,
        "projected_trough_window": 9,
        "projected_crest_window": 8,
        "trough_window": {
          "start": 7,
          "midpoint": 9,
          "end": 11
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        "crest_window": {
          "start": 6,
          "midpoint": 8,
          "end": 10
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        "fld": {
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          "state": "crossed up",
          "weeks_since_cross": 1,
          "displacement": 5,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
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            "value": 0.5030813008515318
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            "value": 1.547704898674601
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            "value": 1.9333407170341217
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            "value": 2.088877507418486
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            "value": 1.7786277919294222
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            "value": 1.4618129524897152
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            "value": 1.152151341080805
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            "date": "2026-06-12",
            "value": 0.6704068344563001
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            "value": 0.4085024021137385
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            "date": "2026-06-26",
            "value": 0.016057953040407913
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          {
            "date": "2026-07-03",
            "value": 0.010033723010110773
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          {
            "date": "2026-07-10",
            "value": -0.01604997158485203
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          {
            "date": "2026-07-17",
            "value": -0.12248296373069095
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          {
            "date": "2026-07-24",
            "value": -0.23541509425975987
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          {
            "date": "2026-07-31",
            "value": -0.24333727527662355
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          {
            "date": "2026-08-07",
            "value": 0.35669471322635016
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        ]
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      {
        "period": 20,
        "label": "20w",
        "estimated_period": 20,
        "period_range": [
          15,
          25
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        "period_strength": 0,
        "phase": "cresting",
        "value": 0.8659932000699789,
        "slope": -0.04168499484356902,
        "amplitude": 3.874,
        "weeks_since_trough": 1,
        "weeks_since_crest": 7,
        "projected_trough_window": 19,
        "projected_crest_window": 13,
        "trough_window": {
          "start": 14,
          "midpoint": 19,
          "end": 24
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        "crest_window": {
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          "midpoint": 13,
          "end": 18
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        "fld": {
          "value": 550.649994,
          "state": "crossed up",
          "weeks_since_cross": 0,
          "displacement": 10,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
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            "date": "2026-05-08",
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            "date": "2026-05-15",
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            "date": "2026-05-22",
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            "date": "2026-06-05",
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            "date": "2026-06-12",
            "value": 1.0
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            "value": 1.016343859075507
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            "value": 0.8872089756943344
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            "value": 0.9382165758965979
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            "value": 0.9683845288714884
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            "date": "2026-07-17",
            "value": 0.907678194913548
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            "date": "2026-07-24",
            "value": 0.7916747493384099
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          {
            "date": "2026-07-31",
            "value": 0.7037172403470247
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            "value": 0.8659932000699789
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      {
        "period": 40,
        "label": "40w",
        "estimated_period": 40,
        "period_range": [
          30,
          50
        ],
        "period_strength": 0,
        "phase": "warming",
        "value": null,
        "slope": 0.0,
        "amplitude": null,
        "weeks_since_trough": null,
        "weeks_since_crest": null,
        "projected_trough_window": null,
        "projected_crest_window": null,
        "trough_window": null,
        "crest_window": null,
        "fld": {
          "value": 491.149994,
          "state": "unconfirmed",
          "weeks_since_cross": null,
          "displacement": 20,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
        },
        "trough_indexes": [],
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            "date": "2026-06-05",
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            "date": "2026-06-12",
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            "date": "2026-06-19",
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            "date": "2026-06-26",
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            "date": "2026-07-03",
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            "date": "2026-07-10",
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            "date": "2026-07-17",
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            "date": "2026-07-24",
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            "date": "2026-07-31",
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          {
            "date": "2026-08-07",
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        ]
      },
      {
        "period": 80,
        "label": "80w",
        "estimated_period": 80,
        "period_range": [
          61,
          99
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        "period_strength": 0,
        "phase": "warming",
        "value": null,
        "slope": 0.0,
        "amplitude": null,
        "weeks_since_trough": null,
        "weeks_since_crest": null,
        "projected_trough_window": null,
        "projected_crest_window": null,
        "trough_window": null,
        "crest_window": null,
        "fld": {
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          "state": "unconfirmed",
          "weeks_since_cross": null,
          "displacement": 40,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
        },
        "trough_indexes": [],
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            "date": "2026-07-17",
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    ],
    "composite": [
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        "date": "2026-01-30",
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        "date": "2026-03-20",
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      {
        "date": "2026-03-27",
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      {
        "date": "2026-04-03",
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      {
        "date": "2026-04-10",
        "value": -0.4907560974454047
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        "date": "2026-04-17",
        "value": 0.5030813008515318
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        "date": "2026-04-24",
        "value": 1.0401125961763442
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      {
        "date": "2026-05-01",
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      {
        "date": "2026-05-08",
        "value": 1.9333407170341217
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      {
        "date": "2026-05-15",
        "value": 2.088877507418486
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      {
        "date": "2026-05-22",
        "value": 1.7786277919294224
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      {
        "date": "2026-05-29",
        "value": 1.4618129524897152
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      {
        "date": "2026-06-05",
        "value": 1.152151341080805
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      {
        "date": "2026-06-12",
        "value": 0.86816273378252
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      {
        "date": "2026-06-19",
        "value": 0.7732072762907996
      },
      {
        "date": "2026-06-26",
        "value": 0.5387485666327638
      },
      {
        "date": "2026-07-03",
        "value": 0.5669434347420029
      },
      {
        "date": "2026-07-10",
        "value": 0.5746107286889521
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      {
        "date": "2026-07-17",
        "value": 0.49561373145585236
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      {
        "date": "2026-07-24",
        "value": 0.3808388118991419
      },
      {
        "date": "2026-07-31",
        "value": 0.32489543409756527
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      {
        "date": "2026-08-07",
        "value": 0.6622738053325273
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    ]
  },
  "structure": {
    "primary": null,
    "alternates": [],
    "degrees": [
      {
        "key": "strategic",
        "label": "Strategic",
        "reversal_percent": 8.0,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Strategic degree uses a 8.0% weekly closing-price reversal threshold."
      },
      {
        "key": "primary",
        "label": "Primary",
        "reversal_percent": 5.0,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Primary degree uses a 5.0% weekly closing-price reversal threshold."
      },
      {
        "key": "tactical",
        "label": "Tactical",
        "reversal_percent": 3.5,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Tactical degree uses a 3.5% weekly closing-price reversal threshold."
      }
    ],
    "stability": {
      "score": 0,
      "changes": null,
      "observations": 0,
      "label": "Unavailable"
    },
    "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": "warming",
    "title": "Needs more weekly history",
    "direction": "neutral",
    "confidence": 20,
    "labels": [],
    "notes": [
      "At least 65 weekly bars gives the wave and cycle model enough context."
    ],
    "metrics": {}
  },
  "detail": {
    "summary": "The closing-price swing map is classified as needs more weekly history. 0 of 3 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 2.3024497048097383
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      {
        "weeks": 13,
        "label": "13-week return",
        "value": 2.8328177522451994
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": 12.224698066979578
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
      }
    ],
    "range": {
      "high_52": 560.099976,
      "low_52": 457.799988,
      "position_52": 95.40571598112021,
      "drawdown": -0.8391273346528298
    },
    "risk": {
      "annualised_volatility": 11.956823814150779,
      "average_weekly_range": 1.6036866780102965,
      "active_drawdown": 0.0
    },
    "levels": {
      "support": {
        "index": 0,
        "date": "2026-01-30",
        "price": 505.700012,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "resistance": null,
      "decisive": {
        "index": 0,
        "date": "2026-01-30",
        "price": 505.700012,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "decisive_label": "Nearest confirmed structure level",
      "trend": null,
      "fair_value": 521.02143,
      "trend_gap": null,
      "fair_value_gap": 6.598307098423959
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    "active_swing": {
      "from": {
        "index": 0,
        "date": "2026-01-30",
        "price": 505.700012,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "to": {
        "index": 27,
        "date": "2026-08-07",
        "price": 555.400024,
        "kind": "high",
        "move_percent": 9.827963381578883,
        "weeks": 27,
        "confirmed": false
      },
      "move_percent": 9.827963381578883,
      "weeks": 27,
      "status": "Forming"
    },
    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The 30-week trend line is not available."
        },
        {
          "label": "Cycle pressure",
          "status": "negative",
          "value": "Cresting",
          "explanation": "The medium-term pressure curve is not rising."
        },
        {
          "label": "Cycle alignment",
          "status": "neutral",
          "value": "Mixed",
          "explanation": "Cycle lengths are not moving in one clear direction."
        },
        {
          "label": "Relative strength",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "Market activity",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "Market dynamics",
          "status": "neutral",
          "value": "+0.0",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "30-week momentum",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        }
      ],
      "positive": 0,
      "negative": 1,
      "neutral": 2,
      "observed": 3,
      "agreement": 33,
      "direction": "defensive",
      "scenario_direction": "neutral"
    },
    "evidence": {
      "score": 24,
      "history_score": 11,
      "indicator_coverage": 38,
      "structure_score": 17,
      "weekly_observations": 28,
      "confirmed_pivots": 1
    },
    "volume_ratio": 1.0893905465109242,
    "historical": {
      "available": false,
      "matches": 0,
      "horizons": [],
      "note": "At least 90 weekly observations are required."
    },
    "lifecycle": {
      "state": "observing",
      "label": "Observing",
      "now": "No rule-valid primary Elliott count is dominant.",
      "next": "Wait for a valid swing structure or a confirmed cycle turn.",
      "wrong": "No active thesis to invalidate.",
      "risk": "Forcing a wave count where the geometry does not support one."
    },
    "peer_evidence": {
      "available": true,
      "peers": 24,
      "constructive_count": 16,
      "constructive_percent": 67,
      "rising_cycle_count": 6,
      "rising_cycle_percent": 25,
      "horizons": [
        {
          "weeks": 4,
          "observations": 0,
          "positive_rate": null,
          "median_return": null,
          "average_return": null,
          "median_excess_return": null,
          "excess_observations": 0,
          "p10": null,
          "p90": null
        },
        {
          "weeks": 13,
          "observations": 0,
          "positive_rate": null,
          "median_return": null,
          "average_return": null,
          "median_excess_return": null,
          "excess_observations": 0,
          "p10": null,
          "p90": null
        },
        {
          "weeks": 26,
          "observations": 0,
          "positive_rate": null,
          "median_return": null,
          "average_return": null,
          "median_excess_return": null,
          "excess_observations": 0,
          "p10": null,
          "p90": null
        }
      ],
      "benchmark": "^N225",
      "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": false,
      "options_direction": null,
      "options_conviction": null,
      "expected_move": null,
      "invalidation_distance": null,
      "collision": false,
      "flags": [],
      "explanation": "Event and positioning context tests whether a scheduled catalyst or the options-implied move could overwhelm the technical structure."
    },
    "downside_vulnerability": {
      "score": 45,
      "label": "Watch",
      "tone": "watch",
      "components": [
        {
          "key": "wave",
          "label": "Wave maturity",
          "score": 0,
          "maximum": 25,
          "bar_width": 0,
          "explanation": "The primary count is not presently a mature Wave 5."
        },
        {
          "key": "extension",
          "label": "Trend extension",
          "score": 0,
          "maximum": 20,
          "bar_width": 0,
          "explanation": "Price is 0.0% above the 30-week trend; large positive gaps increase snap-back vulnerability."
        },
        {
          "key": "range",
          "label": "Range position",
          "score": 12,
          "maximum": 15,
          "bar_width": 82,
          "explanation": "Price is 95% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
          "label": "Cycle rollover",
          "score": 15,
          "maximum": 15,
          "bar_width": 100,
          "explanation": "Medium-term cycle pressure is cresting."
        },
        {
          "key": "hurst",
          "label": "Multi-cycle risk",
          "score": 8,
          "maximum": 15,
          "bar_width": 50,
          "explanation": "Hurst risk alignment is 50/100."
        },
        {
          "key": "stability",
          "label": "Count instability",
          "score": 10,
          "maximum": 10,
          "bar_width": 100,
          "explanation": "The primary interpretation has unavailable recent stability."
        },
        {
          "key": "event",
          "label": "Event proximity",
          "score": 0,
          "maximum": 10,
          "bar_width": 0,
          "explanation": "No upcoming stored earnings date is available."
        }
      ],
      "warnings": [
        "Price is 95% of the way through its 52-week low-to-high range.",
        "Medium-term cycle pressure is cresting.",
        "The primary interpretation has unavailable recent stability."
      ],
      "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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        "date": "2026-01-30",
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        "date": "2026-02-06",
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