{
  "ticker": {
    "symbol": "CBTO",
    "name": "Calamos Bitcoin 80 Series Structured Alt Protection ETF October",
    "exchange": "CBOE"
  },
  "latest_week": "2026-07-31",
  "latest_close": 19.7449,
  "latest_open": 19.742117,
  "latest_high": 19.75,
  "latest_low": 19.7201,
  "bar_count": 43,
  "analysis_bar_count": 43,
  "reversal_percent": 5.0,
  "model": {
    "version": "ewc-2.1.0",
    "as_of": "2026-07-31",
    "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": 42,
      "date": "2026-07-31",
      "price": 19.7449,
      "kind": "low",
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      "weeks": 0,
      "confirmed": false
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    "status": "rising stack",
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    "alignment_score": 88,
    "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.",
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          14
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        "amplitude": 1.565,
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        "projected_crest_window": 12,
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          "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": {
          "available": true,
          "value": 19.57,
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          "slope": -0.01999999999999995,
          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
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        "trough_indexes": [
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          37
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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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          "available": true,
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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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        "date": "2026-07-24",
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        "date": "2026-07-31",
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    "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,
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        "explanation": "Tactical degree uses a 3.5% weekly closing-price reversal threshold."
      }
    ],
    "stability": {
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      "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": {}
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  "detail": {
    "summary": "The closing-price swing map is classified as needs more weekly history. Price is 2.3% below its 30-week trend. 2 of 6 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 0.10139468387672218
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      {
        "weeks": 13,
        "label": "13-week return",
        "value": -2.2055254529425143
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      {
        "weeks": 26,
        "label": "26-week return",
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      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
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    "range": {
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      "low_52": 19.67,
      "position_52": 1.3580332197770895,
      "drawdown": -21.60158003097755
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      "average_weekly_range": 0.6410211396166632,
      "active_drawdown": -19.398122793387415
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      "resistance": null,
      "decisive": null,
      "decisive_label": "Nearest confirmed structure level",
      "trend": 20.21759,
      "fair_value": 20.935163,
      "trend_gap": -2.338013581242868,
      "fair_value_gap": -5.685472809550125
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        "date": "2026-07-31",
        "price": 19.7449,
        "kind": "low",
        "move_percent": null,
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      "weeks": 0,
      "status": "Forming"
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    "confirmation": {
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        {
          "label": "Trend",
          "status": "negative",
          "value": "2.3% below trend",
          "explanation": "Price remains below its 30-week trend."
        },
        {
          "label": "Cycle pressure",
          "status": "positive",
          "value": "Rising",
          "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": "-42.8",
          "explanation": "Participation is weak"
        },
        {
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          "value": "-0.0",
          "explanation": "Price and volume behaviour is weak"
        },
        {
          "label": "30-week momentum",
          "status": "negative",
          "value": "-9.1",
          "explanation": "Medium-term momentum is negative"
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      "positive": 2,
      "negative": 4,
      "neutral": 0,
      "observed": 6,
      "agreement": 67,
      "direction": "defensive",
      "scenario_direction": "neutral"
    },
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      "history_score": 17,
      "indicator_coverage": 40,
      "structure_score": 0,
      "weekly_observations": 43,
      "confirmed_pivots": 0
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    "volume_ratio": 79.20330181584576,
    "historical": {
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      "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": 17,
      "constructive_count": 10,
      "constructive_percent": 59,
      "rising_cycle_count": 6,
      "rising_cycle_percent": 35,
      "horizons": [
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          "observations": 219,
          "positive_rate": 53.4,
          "median_return": 0.26,
          "average_return": 1.19,
          "median_excess_return": -0.69,
          "excess_observations": 219,
          "p10": -6.72,
          "p90": 9.02
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        {
          "weeks": 13,
          "observations": 90,
          "positive_rate": 55.6,
          "median_return": 0.98,
          "average_return": 1.85,
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        {
          "weeks": 26,
          "observations": 53,
          "positive_rate": 50.9,
          "median_return": 0.32,
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          "excess_observations": 53,
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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": 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": 12,
      "label": "Contained",
      "tone": "contained",
      "components": [
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          "score": 0,
          "maximum": 25,
          "bar_width": 0,
          "explanation": "The primary count is not presently a mature Wave 5."
        },
        {
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          "score": 0,
          "maximum": 20,
          "bar_width": 0,
          "explanation": "Price is 2.3% 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 1% of the way through its 52-week low-to-high range."
        },
        {
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        {
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          "bar_width": 12,
          "explanation": "Hurst risk alignment is 12/100."
        },
        {
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          "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": [
        "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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