{
  "ticker": {
    "symbol": "424A",
    "name": "Global X Gold ETF (JPY Hedged)",
    "exchange": "JPX"
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  "latest_week": "2026-08-07",
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  "latest_open": 311.399994,
  "latest_high": 329.0,
  "latest_low": 309.5,
  "bar_count": 46,
  "analysis_bar_count": 46,
  "reversal_percent": 9.106796209187882,
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    "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"
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      "index": 0,
      "date": "2025-09-26",
      "price": 301.0,
      "kind": "low",
      "move_percent": null,
      "weeks": 0,
      "confirmed": true
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    {
      "index": 45,
      "date": "2026-08-07",
      "price": 327.5,
      "kind": "high",
      "move_percent": 8.803986710963455,
      "weeks": 45,
      "confirmed": false
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    "trend_bias": "bearish",
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    "period_basis": "median confirmed trough-to-trough and crest-to-crest spacing",
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        "date": "2026-01-09",
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        "date": "2026-07-24",
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    "risk_score": 12,
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    "crest_alignment": 0,
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    "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": [
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          14
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        "projected_crest_window": 1,
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          "weeks_since_cross": 0,
          "displacement": 6,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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        "vtl": {
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          "state": "price above",
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          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
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          39
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        "projected_trough_window": 9,
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        "trough_window": {
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          "displacement": 8,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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          "available": true,
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          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
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          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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            "value": -0.9849372659914187
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          {
            "date": "2026-07-17",
            "value": -0.993981687756721
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          {
            "date": "2026-07-24",
            "value": -0.995987791837814
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          {
            "date": "2026-07-31",
            "value": -0.9951645105347764
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          {
            "date": "2026-08-07",
            "value": -0.9571506825815133
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        ]
      },
      {
        "period": 80,
        "label": "80w",
        "estimated_period": 80,
        "period_range": [
          61,
          99
        ],
        "period_strength": 0,
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        "slope": 0.0,
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        "weeks_since_crest": null,
        "projected_trough_window": null,
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        "trough_window": null,
        "crest_window": null,
        "fld": {
          "value": 318.75,
          "state": "crossed up",
          "weeks_since_cross": 0,
          "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": "2026-01-30",
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            "date": "2026-02-06",
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            "date": "2026-02-13",
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            "date": "2026-02-20",
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            "date": "2026-06-26",
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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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    ],
    "composite": [
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        "date": "2025-09-26",
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        "date": "2025-10-03",
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        "date": "2025-11-28",
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        "date": "2025-12-05",
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        "date": "2025-12-12",
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        "date": "2025-12-19",
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        "date": "2026-01-09",
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        "date": "2026-01-16",
        "value": 1.2950613943407165
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        "date": "2026-01-23",
        "value": 1.8430378790637252
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        "date": "2026-01-30",
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        "date": "2026-02-06",
        "value": 1.73633816503467
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        "date": "2026-02-13",
        "value": 1.321476615545561
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        "date": "2026-02-20",
        "value": 1.1479650795672143
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        "date": "2026-02-27",
        "value": 1.1629398373965556
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        "date": "2026-03-06",
        "value": 1.027657843915844
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        "date": "2026-03-13",
        "value": 0.845058006056126
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        "date": "2026-03-20",
        "value": 0.36747038627283124
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        "date": "2026-03-27",
        "value": -0.3685918823442805
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      {
        "date": "2026-04-03",
        "value": -0.6133927918400006
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      {
        "date": "2026-04-10",
        "value": -0.5855668059177233
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      {
        "date": "2026-04-17",
        "value": -0.5033585581127512
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      {
        "date": "2026-04-24",
        "value": -0.6068201431323258
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      {
        "date": "2026-05-01",
        "value": -0.8179517641338063
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      {
        "date": "2026-05-08",
        "value": -0.7331208786044981
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      {
        "date": "2026-05-15",
        "value": -0.7984578013264817
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      {
        "date": "2026-05-22",
        "value": -0.8904733287190387
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      {
        "date": "2026-05-29",
        "value": -0.9070181970502494
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      {
        "date": "2026-06-05",
        "value": -0.9586543751217238
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      {
        "date": "2026-06-12",
        "value": -1.3537904077293155
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      {
        "date": "2026-06-19",
        "value": -1.579283878344296
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      {
        "date": "2026-06-26",
        "value": -1.4075985196078105
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      {
        "date": "2026-07-03",
        "value": -1.2686882571161053
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      {
        "date": "2026-07-10",
        "value": -1.168584607687166
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      {
        "date": "2026-07-17",
        "value": -1.167485391063706
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      {
        "date": "2026-07-24",
        "value": -1.0780351885627641
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      {
        "date": "2026-07-31",
        "value": -0.982847209739179
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      {
        "date": "2026-08-07",
        "value": -0.7046202382124347
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    ]
  },
  "structure": {
    "primary": {
      "id": "tactical-bearish-wave4",
      "degree": "tactical",
      "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 405.80; Wave 2 370.00.",
          "hard": true
        },
        {
          "label": "Wave 3 exceeds Wave 1",
          "passed": true,
          "detail": "Wave 1 346.30; Wave 3 306.80.",
          "hard": true
        },
        {
          "label": "Wave 4 does not overlap Wave 1",
          "passed": true,
          "detail": "Wave 1 boundary 346.30; Wave 4 327.50.",
          "hard": true
        }
      ],
      "guidelines": [
        {
          "label": "Wave 2 retracement is proportionate",
          "passed": true,
          "detail": "Retraced 40% of Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 3 extension is plausible",
          "passed": true,
          "detail": "Wave 3 is 1.06\u00d7 Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 4 retracement is proportionate",
          "passed": true,
          "detail": "Retraced 33% of Wave 3.",
          "hard": false
        },
        {
          "label": "Waves 2 and 4 show temporal alternation",
          "passed": false,
          "detail": "Wave 2 lasted 3w; Wave 4 lasted 3w.",
          "hard": false
        }
      ],
      "labels": [
        {
          "index": 22,
          "date": "2026-02-27",
          "price": 405.799988,
          "kind": "high",
          "move_percent": 6.649142706964517,
          "weeks": 3,
          "confirmed": true,
          "label": "0"
        },
        {
          "index": 26,
          "date": "2026-03-27",
          "price": 346.299988,
          "kind": "low",
          "move_percent": -14.662395702190114,
          "weeks": 4,
          "confirmed": true,
          "label": "1"
        },
        {
          "index": 29,
          "date": "2026-04-17",
          "price": 370.0,
          "kind": "high",
          "move_percent": 6.843780774257496,
          "weeks": 3,
          "confirmed": true,
          "label": "2"
        },
        {
          "index": 42,
          "date": "2026-07-17",
          "price": 306.799988,
          "kind": "low",
          "move_percent": -17.08108432432433,
          "weeks": 13,
          "confirmed": true,
          "label": "3"
        },
        {
          "index": 45,
          "date": "2026-08-07",
          "price": 327.5,
          "kind": "high",
          "move_percent": 6.747070668073174,
          "weeks": 3,
          "confirmed": false,
          "label": "4"
        }
      ],
      "invalidation": 370.0,
      "confirmation": 306.799988,
      "forming": true,
      "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
      "evidence_weight": 86
    },
    "alternates": [
      {
        "id": "tactical-bearish-wave2",
        "degree": "tactical",
        "pattern": "impulse",
        "stage": "wave2",
        "title": "Possible bearish Wave 2 crest",
        "direction": "bearish",
        "score": 63,
        "rules": [
          {
            "label": "Wave 2 protects the Wave 1 origin",
            "passed": true,
            "detail": "Origin 370.00; Wave 2 327.50.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
            "passed": true,
            "detail": "Retraced 33% of Wave 1.",
            "hard": false
          }
        ],
        "labels": [
          {
            "index": 29,
            "date": "2026-04-17",
            "price": 370.0,
            "kind": "high",
            "move_percent": 6.843780774257496,
            "weeks": 3,
            "confirmed": true,
            "label": "0"
          },
          {
            "index": 42,
            "date": "2026-07-17",
            "price": 306.799988,
            "kind": "low",
            "move_percent": -17.08108432432433,
            "weeks": 13,
            "confirmed": true,
            "label": "1"
          },
          {
            "index": 45,
            "date": "2026-08-07",
            "price": 327.5,
            "kind": "high",
            "move_percent": 6.747070668073174,
            "weeks": 3,
            "confirmed": false,
            "label": "2"
          }
        ],
        "invalidation": 370.0,
        "confirmation": 306.799988,
        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 14
      }
    ],
    "degrees": [
      {
        "key": "strategic",
        "label": "Strategic",
        "reversal_percent": 14.570873934700613,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Strategic degree uses a 14.6% weekly closing-price reversal threshold."
      },
      {
        "key": "primary",
        "label": "Primary",
        "reversal_percent": 9.106796209187882,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Primary degree uses a 9.1% weekly closing-price reversal threshold."
      },
      {
        "key": "tactical",
        "label": "Tactical",
        "reversal_percent": 6.374757346431517,
        "primary": {
          "id": "tactical-bearish-wave4",
          "degree": "tactical",
          "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 405.80; Wave 2 370.00.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 346.30; Wave 3 306.80.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 346.30; Wave 4 327.50.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 40% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": true,
              "detail": "Wave 3 is 1.06\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 33% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": false,
              "detail": "Wave 2 lasted 3w; Wave 4 lasted 3w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 22,
              "date": "2026-02-27",
              "price": 405.799988,
              "kind": "high",
              "move_percent": 6.649142706964517,
              "weeks": 3,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 26,
              "date": "2026-03-27",
              "price": 346.299988,
              "kind": "low",
              "move_percent": -14.662395702190114,
              "weeks": 4,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 29,
              "date": "2026-04-17",
              "price": 370.0,
              "kind": "high",
              "move_percent": 6.843780774257496,
              "weeks": 3,
              "confirmed": true,
              "label": "2"
            },
            {
              "index": 42,
              "date": "2026-07-17",
              "price": 306.799988,
              "kind": "low",
              "move_percent": -17.08108432432433,
              "weeks": 13,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 45,
              "date": "2026-08-07",
              "price": 327.5,
              "kind": "high",
              "move_percent": 6.747070668073174,
              "weeks": 3,
              "confirmed": false,
              "label": "4"
            }
          ],
          "invalidation": 370.0,
          "confirmation": 306.799988,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 86
        },
        "candidate_count": 2,
        "explanation": "Tactical degree uses a 6.4% 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. Price is 7.8% below its 30-week trend. 2 of 6 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 3.803486529318542
      },
      {
        "weeks": 13,
        "label": "13-week return",
        "value": -10.273972602739725
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": -13.92904073587385
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
      }
    ],
    "range": {
      "high_52": 446.799988,
      "low_52": 299.98999,
      "position_52": 18.73851261819377,
      "drawdown": -26.70098281202281
    },
    "risk": {
      "annualised_volatility": 22.219737063305462,
      "average_weekly_range": 3.075691790683959,
      "active_drawdown": -19.730392156862745
    },
    "levels": {
      "support": {
        "index": 0,
        "date": "2025-09-26",
        "price": 301.0,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "resistance": null,
      "decisive": {
        "index": 0,
        "date": "2025-09-26",
        "price": 301.0,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "decisive_label": "Nearest confirmed structure level",
      "trend": 355.333331,
      "fair_value": 346.682607,
      "trend_gap": -7.833020032674613,
      "fair_value_gap": -5.5331899012747465
    },
    "active_swing": {
      "from": {
        "index": 0,
        "date": "2025-09-26",
        "price": 301.0,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "to": {
        "index": 45,
        "date": "2026-08-07",
        "price": 327.5,
        "kind": "high",
        "move_percent": 8.803986710963455,
        "weeks": 45,
        "confirmed": false
      },
      "move_percent": 8.803986710963455,
      "weeks": 45,
      "status": "Forming"
    },
    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "negative",
          "value": "7.8% 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": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "Market activity",
          "status": "negative",
          "value": "-60.5",
          "explanation": "Participation is weak"
        },
        {
          "label": "Market dynamics",
          "status": "negative",
          "value": "-2.1",
          "explanation": "Price and volume behaviour is weak"
        },
        {
          "label": "30-week momentum",
          "status": "negative",
          "value": "-6.9",
          "explanation": "Medium-term momentum is negative"
        }
      ],
      "positive": 2,
      "negative": 4,
      "neutral": 0,
      "observed": 6,
      "agreement": 67,
      "direction": "defensive",
      "scenario_direction": "neutral"
    },
    "evidence": {
      "score": 29,
      "history_score": 18,
      "indicator_coverage": 43,
      "structure_score": 17,
      "weekly_observations": 46,
      "confirmed_pivots": 1
    },
    "volume_ratio": 74.97361304151016,
    "historical": {
      "available": false,
      "matches": 0,
      "horizons": [],
      "note": "At least 90 weekly observations are required."
    },
    "lifecycle": {
      "state": "watching",
      "label": "Watching",
      "now": "Possible bearish Wave 4 crest is the highest-ranked admissible tactical count; cycle status is rising stack.",
      "next": "A weekly close through 306.80, supported by an FLD cross and improving relative strength.",
      "wrong": "The underlying directional structure fails beyond 370.00; 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": 24,
      "constructive_count": 16,
      "constructive_percent": 67,
      "rising_cycle_count": 6,
      "rising_cycle_percent": 25,
      "horizons": [
        {
          "weeks": 4,
          "observations": 467,
          "positive_rate": 61.0,
          "median_return": 1.41,
          "average_return": 55.8,
          "median_excess_return": -0.06,
          "excess_observations": 467,
          "p10": -9.28,
          "p90": 8.11
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        {
          "weeks": 13,
          "observations": 180,
          "positive_rate": 58.9,
          "median_return": 2.57,
          "average_return": 152.15,
          "median_excess_return": 0.18,
          "excess_observations": 180,
          "p10": -18.21,
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        {
          "weeks": 26,
          "observations": 116,
          "positive_rate": 68.1,
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          "excess_observations": 116,
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      "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": {
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      "earnings_weeks": null,
      "options_available": false,
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      "explanation": "Event and positioning context tests whether a scheduled catalyst or the options-implied move could overwhelm the technical structure."
    },
    "downside_vulnerability": {
      "score": 12,
      "label": "Contained",
      "tone": "contained",
      "components": [
        {
          "key": "wave",
          "label": "Wave maturity",
          "score": 0,
          "maximum": 25,
          "bar_width": 0,
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        },
        {
          "key": "extension",
          "label": "Trend extension",
          "score": 0,
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          "bar_width": 0,
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        },
        {
          "key": "range",
          "label": "Range position",
          "score": 0,
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          "bar_width": 0,
          "explanation": "Price is 19% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
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          "bar_width": 0,
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        },
        {
          "key": "hurst",
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          "maximum": 15,
          "bar_width": 12,
          "explanation": "Hurst risk alignment is 12/100."
        },
        {
          "key": "stability",
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          "score": 10,
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          "bar_width": 100,
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        },
        {
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          "score": 0,
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          "bar_width": 0,
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      "warnings": [
        "The primary interpretation has unavailable recent stability."
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      "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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