{
  "ticker": {
    "symbol": "JMAC",
    "name": "JPM Strategic Allocation Conservative Active UCITS ETF - EUR (acc)",
    "exchange": "GER"
  },
  "latest_week": "2026-07-31",
  "latest_close": 5.078,
  "latest_open": 5.101,
  "latest_high": 5.102,
  "latest_low": 5.064,
  "bar_count": 28,
  "analysis_bar_count": 28,
  "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"
  },
  "pivots": [
    {
      "index": 0,
      "date": "2026-01-23",
      "price": 5.0027,
      "kind": "low",
      "move_percent": null,
      "weeks": 0,
      "confirmed": true
    },
    {
      "index": 27,
      "date": "2026-07-31",
      "price": 5.078,
      "kind": "high",
      "move_percent": 1.5051871989125944,
      "weeks": 27,
      "confirmed": false
    }
  ],
  "cycle": {
    "phase": "falling",
    "trend_bias": "bearish",
    "oscillator": 0.878247453759504,
    "slope": -0.983647653472298,
    "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,
    "series": [
      {
        "date": "2026-01-23",
        "value": null
      },
      {
        "date": "2026-01-30",
        "value": null
      },
      {
        "date": "2026-02-06",
        "value": null
      },
      {
        "date": "2026-02-13",
        "value": 0.0
      },
      {
        "date": "2026-02-20",
        "value": 0.0
      },
      {
        "date": "2026-02-27",
        "value": 0.0
      },
      {
        "date": "2026-03-06",
        "value": 0.0
      },
      {
        "date": "2026-03-13",
        "value": 0.0
      },
      {
        "date": "2026-03-20",
        "value": 0.0
      },
      {
        "date": "2026-03-27",
        "value": 0.0
      },
      {
        "date": "2026-04-03",
        "value": 0.0
      },
      {
        "date": "2026-04-10",
        "value": 0.0
      },
      {
        "date": "2026-04-17",
        "value": 0.0
      },
      {
        "date": "2026-04-24",
        "value": 0.0
      },
      {
        "date": "2026-05-01",
        "value": 0.0
      },
      {
        "date": "2026-05-08",
        "value": 0.0
      },
      {
        "date": "2026-05-15",
        "value": 0.0
      },
      {
        "date": "2026-05-22",
        "value": 0.0
      },
      {
        "date": "2026-05-29",
        "value": 0.0
      },
      {
        "date": "2026-06-05",
        "value": 0.3082058884986239
      },
      {
        "date": "2026-06-12",
        "value": 0.6848547991316718
      },
      {
        "date": "2026-06-19",
        "value": 1.2086586500393102
      },
      {
        "date": "2026-06-26",
        "value": 1.6884815456855866
      },
      {
        "date": "2026-07-03",
        "value": 1.861895107231802
      },
      {
        "date": "2026-07-10",
        "value": 1.8824173576900964
      },
      {
        "date": "2026-07-17",
        "value": 1.5973144982144727
      },
      {
        "date": "2026-07-24",
        "value": 1.2721736080185508
      },
      {
        "date": "2026-07-31",
        "value": 0.878247453759504
      }
    ]
  },
  "hurst": {
    "status": "mixed",
    "phase": "falling",
    "alignment_score": 25,
    "risk_score": 75,
    "trough_alignment": 0,
    "crest_alignment": 0,
    "nearest_trough_window": null,
    "nearest_crest_window": 14,
    "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
        ],
        "period_strength": 0,
        "phase": "falling",
        "value": -0.4141537480716683,
        "slope": -1.1851645210244315,
        "amplitude": 0.949,
        "weeks_since_trough": 7,
        "weeks_since_crest": 6,
        "projected_trough_window": 3,
        "projected_crest_window": 4,
        "trough_window": {
          "start": 1,
          "midpoint": 3,
          "end": 5
        },
        "crest_window": {
          "start": 2,
          "midpoint": 4,
          "end": 6
        },
        "fld": {
          "value": 5.1395,
          "state": "crossed down",
          "weeks_since_cross": 2,
          "displacement": 5,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": true,
          "value": 5.2254999999999985,
          "state": "price below",
          "slope": 0.01749999999999985,
          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
        },
        "trough_indexes": [
          16,
          20
        ],
        "series": [
          {
            "date": "2026-01-23",
            "value": null
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            "date": "2026-01-30",
            "value": null
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            "value": null
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            "value": null
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            "date": "2026-03-20",
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            "date": "2026-03-27",
            "value": -1.0
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            "date": "2026-04-03",
            "value": -0.8390775359760081
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            "date": "2026-04-10",
            "value": -0.481930933199086
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            "date": "2026-04-17",
            "value": 0.2559392563603379
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          {
            "date": "2026-04-24",
            "value": 0.7519797521201126
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          {
            "date": "2026-05-01",
            "value": 0.9064548792334252
          },
          {
            "date": "2026-05-08",
            "value": 1.447651165565826
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          {
            "date": "2026-05-15",
            "value": 1.2460377355102439
          },
          {
            "date": "2026-05-22",
            "value": 1.2486595271886802
          },
          {
            "date": "2026-05-29",
            "value": 1.3793786050113808
          },
          {
            "date": "2026-06-05",
            "value": 1.1264595350037936
          },
          {
            "date": "2026-06-12",
            "value": 1.0065624448919699
          },
          {
            "date": "2026-06-19",
            "value": 1.0927312099188884
          },
          {
            "date": "2026-06-26",
            "value": 1.0536425245366423
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          {
            "date": "2026-07-03",
            "value": 1.0032133602883715
          },
          {
            "date": "2026-07-10",
            "value": 0.7710107729527631
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          {
            "date": "2026-07-17",
            "value": 0.335898642651693
          },
          {
            "date": "2026-07-24",
            "value": -0.08796102378600656
          },
          {
            "date": "2026-07-31",
            "value": -0.4141537480716683
          }
        ]
      },
      {
        "period": 20,
        "label": "20w",
        "estimated_period": 20,
        "period_range": [
          15,
          25
        ],
        "period_strength": 0,
        "phase": "cresting",
        "value": 0.5606292927175869,
        "slope": -0.4778940352977521,
        "amplitude": 1.37,
        "weeks_since_trough": null,
        "weeks_since_crest": 6,
        "projected_trough_window": null,
        "projected_crest_window": 14,
        "trough_window": null,
        "crest_window": {
          "start": 9,
          "midpoint": 14,
          "end": 19
        },
        "fld": {
          "value": 5.0435,
          "state": "crossed up",
          "weeks_since_cross": 10,
          "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"
        },
        "trough_indexes": [],
        "series": [
          {
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            "value": null
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            "date": "2026-01-30",
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            "date": "2026-02-27",
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            "date": "2026-03-06",
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            "date": "2026-03-13",
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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",
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            "date": "2026-04-17",
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            "date": "2026-04-24",
            "value": null
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          {
            "date": "2026-05-01",
            "value": null
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            "date": "2026-05-08",
            "value": null
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          {
            "date": "2026-05-15",
            "value": null
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          {
            "date": "2026-05-22",
            "value": null
          },
          {
            "date": "2026-05-29",
            "value": null
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          {
            "date": "2026-06-05",
            "value": 1.0
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          {
            "date": "2026-06-12",
            "value": 1.0350648224276136
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          {
            "date": "2026-06-19",
            "value": 1.1882477935927627
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          {
            "date": "2026-06-26",
            "value": 1.1808561837573273
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          {
            "date": "2026-07-03",
            "value": 1.115588148112308
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          {
            "date": "2026-07-10",
            "value": 1.038523328015339
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          {
            "date": "2026-07-17",
            "value": 0.8632195559111142
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          {
            "date": "2026-07-24",
            "value": 0.7094584337421168
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          {
            "date": "2026-07-31",
            "value": 0.5606292927175869
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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": 5.00025,
          "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": [],
        "series": [
          {
            "date": "2026-01-23",
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            "date": "2026-01-30",
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            "date": "2026-02-13",
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            "date": "2026-02-20",
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            "date": "2026-02-27",
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            "date": "2026-03-06",
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            "date": "2026-03-13",
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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": null
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            "date": "2026-04-17",
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            "date": "2026-04-24",
            "value": null
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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": "2026-06-05",
            "value": null
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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",
            "value": null
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            "date": "2026-07-10",
            "value": null
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          {
            "date": "2026-07-17",
            "value": null
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          {
            "date": "2026-07-24",
            "value": null
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          {
            "date": "2026-07-31",
            "value": null
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        ]
      },
      {
        "period": 80,
        "label": "80w",
        "estimated_period": 80,
        "period_range": [
          61,
          99
        ],
        "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": null,
          "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": [],
        "series": [
          {
            "date": "2026-01-23",
            "value": null
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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": "2026-02-27",
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            "date": "2026-04-03",
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            "date": "2026-04-10",
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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": "2026-06-05",
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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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        ]
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    ],
    "composite": [
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        "date": "2026-01-23",
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      {
        "date": "2026-01-30",
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        "date": "2026-02-13",
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        "date": "2026-02-20",
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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": null
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      {
        "date": "2026-03-20",
        "value": null
      },
      {
        "date": "2026-03-27",
        "value": -1.0
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      {
        "date": "2026-04-03",
        "value": -0.8390775359760081
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      {
        "date": "2026-04-10",
        "value": -0.481930933199086
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      {
        "date": "2026-04-17",
        "value": 0.2559392563603379
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      {
        "date": "2026-04-24",
        "value": 0.7519797521201126
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      {
        "date": "2026-05-01",
        "value": 0.9064548792334253
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      {
        "date": "2026-05-08",
        "value": 1.447651165565826
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      {
        "date": "2026-05-15",
        "value": 1.2460377355102439
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      {
        "date": "2026-05-22",
        "value": 1.2486595271886802
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      {
        "date": "2026-05-29",
        "value": 1.3793786050113808
      },
      {
        "date": "2026-06-05",
        "value": 1.0505838140015173
      },
      {
        "date": "2026-06-12",
        "value": 1.0236638714133561
      },
      {
        "date": "2026-06-19",
        "value": 1.150041160123213
      },
      {
        "date": "2026-06-26",
        "value": 1.1299707200690532
      },
      {
        "date": "2026-07-03",
        "value": 1.0706382329827335
      },
      {
        "date": "2026-07-10",
        "value": 0.9315183059903085
      },
      {
        "date": "2026-07-17",
        "value": 0.6522911906073456
      },
      {
        "date": "2026-07-24",
        "value": 0.3904906507308674
      },
      {
        "date": "2026-07-31",
        "value": 0.17071607640188477
      }
    ]
  },
  "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": -1.2830482115085504
      },
      {
        "weeks": 13,
        "label": "13-week return",
        "value": 0.9743487770928689
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": 1.2199011321958293
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
      }
    ],
    "range": {
      "high_52": 5.153,
      "low_52": 4.881,
      "position_52": 72.42647058823549,
      "drawdown": -1.4554628371822103
    },
    "risk": {
      "annualised_volatility": 4.677697848143819,
      "average_weekly_range": 0.6613350713322159,
      "active_drawdown": -1.2830482115085504
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    "levels": {
      "support": {
        "index": 0,
        "date": "2026-01-23",
        "price": 5.0027,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "resistance": null,
      "decisive": {
        "index": 0,
        "date": "2026-01-23",
        "price": 5.0027,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "decisive_label": "Nearest confirmed structure level",
      "trend": null,
      "fair_value": 5.050893,
      "trend_gap": null,
      "fair_value_gap": 0.5366773756640656
    },
    "active_swing": {
      "from": {
        "index": 0,
        "date": "2026-01-23",
        "price": 5.0027,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "to": {
        "index": 27,
        "date": "2026-07-31",
        "price": 5.078,
        "kind": "high",
        "move_percent": 1.5051871989125944,
        "weeks": 27,
        "confirmed": false
      },
      "move_percent": 1.5051871989125944,
      "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": "Falling",
          "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": 18.493524931233043,
    "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": 22,
      "constructive_count": 12,
      "constructive_percent": 55,
      "rising_cycle_count": 1,
      "rising_cycle_percent": 5,
      "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": "^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,
      "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": 32,
      "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": 0,
          "maximum": 15,
          "bar_width": 0,
          "explanation": "Price is 72% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
          "label": "Cycle rollover",
          "score": 11,
          "maximum": 15,
          "bar_width": 73,
          "explanation": "Medium-term cycle pressure is falling."
        },
        {
          "key": "hurst",
          "label": "Multi-cycle risk",
          "score": 11,
          "maximum": 15,
          "bar_width": 75,
          "explanation": "Hurst risk alignment is 75/100."
        },
        {
          "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": [
        "Medium-term cycle pressure is falling.",
        "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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