{
  "ticker": {
    "symbol": "HEQD",
    "name": "JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF - USD (dist)",
    "exchange": "GER"
  },
  "latest_week": "2026-08-07",
  "latest_close": 22.754999,
  "latest_open": 22.395,
  "latest_high": 22.844999,
  "latest_low": 22.334999,
  "bar_count": 38,
  "analysis_bar_count": 38,
  "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": "2025-11-21",
      "price": 20.885363,
      "kind": "low",
      "move_percent": null,
      "weeks": 0,
      "confirmed": true
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    {
      "index": 37,
      "date": "2026-08-07",
      "price": 22.754999,
      "kind": "high",
      "move_percent": 8.95189611978494,
      "weeks": 37,
      "confirmed": false
    }
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  "cycle": {
    "phase": "cresting",
    "trend_bias": "bearish",
    "oscillator": 2.2694680346294964,
    "slope": -3.387625479192261,
    "dominant_period_weeks": 40,
    "period_basis": "median confirmed trough-to-trough and crest-to-crest spacing",
    "weeks_since_turn": 37,
    "estimated_weeks_to_next_turn": 0,
    "series": [
      {
        "date": "2025-11-21",
        "value": null
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        "date": "2025-11-28",
        "value": null
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      {
        "date": "2025-12-05",
        "value": null
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      {
        "date": "2025-12-12",
        "value": 0.0
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      {
        "date": "2025-12-19",
        "value": 0.0
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        "date": "2026-01-02",
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        "date": "2026-01-09",
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        "date": "2026-02-06",
        "value": 0.0
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        "date": "2026-02-13",
        "value": 0.0
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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": -0.44859268633719207
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      {
        "date": "2026-04-10",
        "value": -0.5390086601127244
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        "date": "2026-04-17",
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        "date": "2026-04-24",
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        "date": "2026-05-08",
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        "date": "2026-05-15",
        "value": 3.9327840875120774
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        "value": 4.444003933232772
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        "value": 4.955779669450196
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        "date": "2026-06-12",
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        "value": 5.499752001070124
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        "date": "2026-07-17",
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  "hurst": {
    "status": "mixed",
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    "alignment_score": 25,
    "risk_score": 75,
    "trough_alignment": 0,
    "crest_alignment": 0,
    "nearest_trough_window": null,
    "nearest_crest_window": 9,
    "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",
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        "period_range": [
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          10
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        "slope": -0.7006594696163623,
        "amplitude": 1.35,
        "weeks_since_trough": 1,
        "weeks_since_crest": 7,
        "projected_trough_window": 7,
        "projected_crest_window": 1,
        "trough_window": {
          "start": 5,
          "midpoint": 7,
          "end": 9
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        "crest_window": {
          "start": 0,
          "midpoint": 1,
          "end": 3
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        "fld": {
          "value": 22.799449000000003,
          "state": "crossed down",
          "weeks_since_cross": 3,
          "displacement": 4,
          "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": 21.959426714285716,
          "state": "price above",
          "slope": -0.0255742857142859,
          "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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          19,
          29,
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        "fld": {
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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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      {
        "period": 40,
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        "fld": {
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          "state": "crossed up",
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          "displacement": 20,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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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": "2026-06-26",
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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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    "composite": [
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        "date": "2025-11-21",
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        "date": "2025-11-28",
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        "date": "2026-02-27",
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        "date": "2026-03-06",
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        "date": "2026-03-13",
        "value": 0.28910591948430686
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        "date": "2026-04-17",
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        "date": "2026-04-24",
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        "date": "2026-05-01",
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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": "2026-05-29",
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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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      {
        "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": {}
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  "detail": {
    "summary": "The closing-price swing map is classified as needs more weekly history. Price is 4.4% above its 30-week trend. 4 of 6 available confirmation measures are constructive.",
    "returns": [
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        "weeks": 4,
        "label": "4-week return",
        "value": -0.8712742321934079
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      {
        "weeks": 13,
        "label": "13-week return",
        "value": 3.455321506918791
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": 9.088231841003386
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
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    ],
    "range": {
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      "low_52": 20.444375,
      "position_52": 89.0616363643372,
      "drawdown": -1.231775026330595
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      "average_weekly_range": 1.3512716496692936,
      "active_drawdown": -1.1030304805645355
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        "date": "2025-11-21",
        "price": 20.885363,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
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      "resistance": null,
      "decisive": {
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        "date": "2025-11-21",
        "price": 20.885363,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
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      "decisive_label": "Nearest confirmed structure level",
      "trend": 21.78567,
      "fair_value": 21.653868,
      "trend_gap": 4.449388061051149,
      "fair_value_gap": 5.0851469123207105
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    "active_swing": {
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        "date": "2025-11-21",
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        "move_percent": null,
        "weeks": 0,
        "confirmed": true
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        "move_percent": 8.95189611978494,
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      "move_percent": 8.95189611978494,
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      "status": "Forming"
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      "rows": [
        {
          "label": "Trend",
          "status": "positive",
          "value": "4.4% above trend",
          "explanation": "Price is holding above its 30-week trend."
        },
        {
          "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",
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          "value": "+29.5",
          "explanation": "Participation is supportive"
        },
        {
          "label": "Market dynamics",
          "status": "positive",
          "value": "+0.3",
          "explanation": "Price and volume behaviour is supportive"
        },
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          "label": "30-week momentum",
          "status": "positive",
          "value": "+5.8",
          "explanation": "Medium-term momentum is positive"
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      "positive": 4,
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      "observed": 6,
      "agreement": 67,
      "direction": "constructive",
      "scenario_direction": "neutral"
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      "history_score": 15,
      "indicator_coverage": 35,
      "structure_score": 17,
      "weekly_observations": 38,
      "confirmed_pivots": 1
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      "matches": 0,
      "horizons": [],
      "note": "At least 90 weekly observations are required."
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    "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": {
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      "peers": 22,
      "constructive_count": 10,
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      "rising_cycle_count": 1,
      "rising_cycle_percent": 5,
      "horizons": [
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          "positive_rate": 54.0,
          "median_return": 0.4,
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          "excess_observations": 500,
          "p10": -3.84,
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        {
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          "observations": 175,
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        {
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      "benchmark": "^GDAXI",
      "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,
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      "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": {
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      "label": "Watch",
      "tone": "watch",
      "components": [
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          "label": "Wave maturity",
          "score": 0,
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          "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,
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        },
        {
          "key": "range",
          "label": "Range position",
          "score": 8,
          "maximum": 15,
          "bar_width": 56,
          "explanation": "Price is 89% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
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          "score": 15,
          "maximum": 15,
          "bar_width": 100,
          "explanation": "Medium-term cycle pressure is cresting."
        },
        {
          "key": "hurst",
          "label": "Multi-cycle risk",
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          "maximum": 15,
          "bar_width": 75,
          "explanation": "Hurst risk alignment is 75/100."
        },
        {
          "key": "stability",
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          "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": [
        "Medium-term cycle pressure is cresting.",
        "Hurst risk alignment is 75/100.",
        "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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