{
  "ticker": {
    "symbol": "D6RU",
    "name": "Deka Europe Defense UCITS ETF",
    "exchange": "GER"
  },
  "latest_week": "2026-07-24",
  "latest_close": 103.040001,
  "latest_open": 98.889999,
  "latest_high": 103.040001,
  "latest_low": 98.120003,
  "bar_count": 36,
  "analysis_bar_count": 36,
  "reversal_percent": 8.770226964857454,
  "model": {
    "version": "ewc-2.1.0",
    "as_of": "2026-07-24",
    "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": [
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      "index": 21,
      "date": "2026-04-17",
      "price": 106.260002,
      "kind": "high",
      "move_percent": null,
      "weeks": 0,
      "confirmed": true
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    {
      "index": 25,
      "date": "2026-05-15",
      "price": 91.260002,
      "kind": "low",
      "move_percent": -14.116318198450626,
      "weeks": 4,
      "confirmed": true
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    {
      "index": 35,
      "date": "2026-07-24",
      "price": 103.040001,
      "kind": "high",
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      "weeks": 10,
      "confirmed": false
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    "phase": "rising",
    "trend_bias": "bearish",
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    "slope": 4.8639841444889065,
    "dominant_period_weeks": 40,
    "period_basis": "median confirmed trough-to-trough and crest-to-crest spacing",
    "weeks_since_turn": 10,
    "estimated_weeks_to_next_turn": 10,
    "series": [
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        "date": "2025-11-21",
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        "date": "2026-02-06",
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        "date": "2026-02-20",
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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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    "status": "mixed",
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    "alignment_score": 50,
    "risk_score": 50,
    "trough_alignment": 0,
    "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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        "period": 10,
        "label": "10w",
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          10
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        "slope": -0.24698571344521758,
        "amplitude": 2.11,
        "weeks_since_trough": 4,
        "weeks_since_crest": 3,
        "projected_trough_window": 4,
        "projected_crest_window": 5,
        "trough_window": {
          "start": 2,
          "midpoint": 4,
          "end": 6
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          "end": 7
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        "fld": {
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          "weeks_since_cross": 0,
          "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": 98.160002,
          "state": "price above",
          "slope": 0.6900000000000001,
          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
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            "date": "2026-04-24",
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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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          "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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    "composite": [
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        "date": "2025-11-21",
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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": "2025-12-26",
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      {
        "date": "2026-01-02",
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        "date": "2026-01-09",
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        "date": "2026-01-16",
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        "date": "2026-01-23",
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        "date": "2026-01-30",
        "value": 0.5758362338649021
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      {
        "date": "2026-02-06",
        "value": 0.29526356408744403
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        "date": "2026-02-13",
        "value": 0.14057939821611737
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      {
        "date": "2026-02-20",
        "value": 0.3743706871812062
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      {
        "date": "2026-02-27",
        "value": 0.23272147262176313
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      {
        "date": "2026-03-06",
        "value": -0.23582112681771616
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      {
        "date": "2026-03-13",
        "value": -0.5126994421880454
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      {
        "date": "2026-03-20",
        "value": -1.3137811372104038
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        "date": "2026-03-27",
        "value": -1.8773404549809882
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        "date": "2026-04-03",
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        "date": "2026-04-10",
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        "date": "2026-04-17",
        "value": 0.5391920793452207
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      {
        "date": "2026-04-24",
        "value": -1.4010082426253705
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      {
        "date": "2026-05-01",
        "value": -1.9935392180587612
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      {
        "date": "2026-05-08",
        "value": -2.05438141712977
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      {
        "date": "2026-05-15",
        "value": -2.2370567535564176
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      {
        "date": "2026-05-22",
        "value": -1.722777324369136
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      {
        "date": "2026-05-29",
        "value": -0.8938044974636183
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      {
        "date": "2026-06-05",
        "value": -0.6937166677072004
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      {
        "date": "2026-06-12",
        "value": -0.5313265047014809
      },
      {
        "date": "2026-06-19",
        "value": -0.2665953770810271
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      {
        "date": "2026-06-26",
        "value": -0.47073510208119357
      },
      {
        "date": "2026-07-03",
        "value": 0.18768694197266322
      },
      {
        "date": "2026-07-10",
        "value": 0.1527355205530112
      },
      {
        "date": "2026-07-17",
        "value": -0.03355275216310573
      },
      {
        "date": "2026-07-24",
        "value": 0.38222238314883644
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    ]
  },
  "structure": {
    "primary": {
      "id": "primary-bearish-wave2",
      "degree": "primary",
      "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 106.26; Wave 2 103.04.",
          "hard": true
        }
      ],
      "guidelines": [
        {
          "label": "Wave 2 retracement is proportionate",
          "passed": true,
          "detail": "Retraced 79% of Wave 1.",
          "hard": false
        }
      ],
      "labels": [
        {
          "index": 21,
          "date": "2026-04-17",
          "price": 106.260002,
          "kind": "high",
          "move_percent": null,
          "weeks": 0,
          "confirmed": true,
          "label": "0"
        },
        {
          "index": 25,
          "date": "2026-05-15",
          "price": 91.260002,
          "kind": "low",
          "move_percent": -14.116318198450626,
          "weeks": 4,
          "confirmed": true,
          "label": "1"
        },
        {
          "index": 35,
          "date": "2026-07-24",
          "price": 103.040001,
          "kind": "high",
          "move_percent": 12.9081730679778,
          "weeks": 10,
          "confirmed": false,
          "label": "2"
        }
      ],
      "invalidation": 106.260002,
      "confirmation": 91.260002,
      "forming": true,
      "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
      "evidence_weight": 50
    },
    "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 106.26; Wave 2 103.04.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
            "passed": true,
            "detail": "Retraced 79% of Wave 1.",
            "hard": false
          }
        ],
        "labels": [
          {
            "index": 21,
            "date": "2026-04-17",
            "price": 106.260002,
            "kind": "high",
            "move_percent": null,
            "weeks": 0,
            "confirmed": true,
            "label": "0"
          },
          {
            "index": 25,
            "date": "2026-05-15",
            "price": 91.260002,
            "kind": "low",
            "move_percent": -14.116318198450626,
            "weeks": 4,
            "confirmed": true,
            "label": "1"
          },
          {
            "index": 35,
            "date": "2026-07-24",
            "price": 103.040001,
            "kind": "high",
            "move_percent": 12.9081730679778,
            "weeks": 10,
            "confirmed": false,
            "label": "2"
          }
        ],
        "invalidation": 106.260002,
        "confirmation": 91.260002,
        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 50
      }
    ],
    "degrees": [
      {
        "key": "strategic",
        "label": "Strategic",
        "reversal_percent": 14.032363143771926,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Strategic degree uses a 14.0% weekly closing-price reversal threshold."
      },
      {
        "key": "primary",
        "label": "Primary",
        "reversal_percent": 8.770226964857454,
        "primary": {
          "id": "primary-bearish-wave2",
          "degree": "primary",
          "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 106.26; Wave 2 103.04.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 79% of Wave 1.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 21,
              "date": "2026-04-17",
              "price": 106.260002,
              "kind": "high",
              "move_percent": null,
              "weeks": 0,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 25,
              "date": "2026-05-15",
              "price": 91.260002,
              "kind": "low",
              "move_percent": -14.116318198450626,
              "weeks": 4,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 35,
              "date": "2026-07-24",
              "price": 103.040001,
              "kind": "high",
              "move_percent": 12.9081730679778,
              "weeks": 10,
              "confirmed": false,
              "label": "2"
            }
          ],
          "invalidation": 106.260002,
          "confirmation": 91.260002,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 50
        },
        "candidate_count": 1,
        "explanation": "Primary degree uses a 8.8% weekly closing-price reversal threshold."
      },
      {
        "key": "tactical",
        "label": "Tactical",
        "reversal_percent": 6.139158875400217,
        "primary": {
          "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 106.26; Wave 2 103.04.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 79% of Wave 1.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 21,
              "date": "2026-04-17",
              "price": 106.260002,
              "kind": "high",
              "move_percent": null,
              "weeks": 0,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 25,
              "date": "2026-05-15",
              "price": 91.260002,
              "kind": "low",
              "move_percent": -14.116318198450626,
              "weeks": 4,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 35,
              "date": "2026-07-24",
              "price": 103.040001,
              "kind": "high",
              "move_percent": 12.9081730679778,
              "weeks": 10,
              "confirmed": false,
              "label": "2"
            }
          ],
          "invalidation": 106.260002,
          "confirmation": 91.260002,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 50
        },
        "candidate_count": 1,
        "explanation": "Tactical degree uses a 6.1% 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 0.2% above its 30-week trend. 4 of 6 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 6.788271464157356
      },
      {
        "weeks": 13,
        "label": "13-week return",
        "value": 7.065672424473662
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": -6.7342521705036456
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
      }
    ],
    "range": {
      "high_52": 114.260002,
      "low_52": 90.580002,
      "position_52": 52.6182390202703,
      "drawdown": -9.819710137936106
    },
    "risk": {
      "annualised_volatility": 31.936086406957966,
      "average_weekly_range": 4.4821567510167295,
      "active_drawdown": -8.926991417067274
    },
    "levels": {
      "support": {
        "index": 25,
        "date": "2026-05-15",
        "price": 91.260002,
        "kind": "low",
        "move_percent": -14.116318198450626,
        "weeks": 4,
        "confirmed": true
      },
      "resistance": {
        "index": 21,
        "date": "2026-04-17",
        "price": 106.260002,
        "kind": "high",
        "move_percent": null,
        "weeks": 0,
        "confirmed": true
      },
      "decisive": {
        "index": 25,
        "date": "2026-05-15",
        "price": 91.260002,
        "kind": "low",
        "move_percent": -14.116318198450626,
        "weeks": 4,
        "confirmed": true
      },
      "decisive_label": "Nearest confirmed structure level",
      "trend": 102.813334,
      "fair_value": 101.719445,
      "trend_gap": 0.22046459460210305,
      "fair_value_gap": 1.2982335874915663
    },
    "active_swing": {
      "from": {
        "index": 25,
        "date": "2026-05-15",
        "price": 91.260002,
        "kind": "low",
        "move_percent": -14.116318198450626,
        "weeks": 4,
        "confirmed": true
      },
      "to": {
        "index": 35,
        "date": "2026-07-24",
        "price": 103.040001,
        "kind": "high",
        "move_percent": 12.9081730679778,
        "weeks": 10,
        "confirmed": false
      },
      "move_percent": 12.9081730679778,
      "weeks": 10,
      "status": "Forming"
    },
    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "positive",
          "value": "0.2% above trend",
          "explanation": "Price is holding above its 30-week trend."
        },
        {
          "label": "Cycle pressure",
          "status": "positive",
          "value": "Rising",
          "explanation": "The medium-term pressure curve is turning higher."
        },
        {
          "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": "negative",
          "value": "-45.5",
          "explanation": "Participation is weak"
        },
        {
          "label": "Market dynamics",
          "status": "positive",
          "value": "+0.0",
          "explanation": "Price and volume behaviour is supportive"
        },
        {
          "label": "30-week momentum",
          "status": "positive",
          "value": "+5.1",
          "explanation": "Medium-term momentum is positive"
        }
      ],
      "positive": 4,
      "negative": 1,
      "neutral": 1,
      "observed": 6,
      "agreement": 67,
      "direction": "constructive",
      "scenario_direction": "neutral"
    },
    "evidence": {
      "score": 26,
      "history_score": 14,
      "indicator_coverage": 32,
      "structure_score": 33,
      "weekly_observations": 36,
      "confirmed_pivots": 2
    },
    "volume_ratio": 46.85292420353014,
    "historical": {
      "available": false,
      "matches": 0,
      "horizons": [],
      "note": "At least 90 weekly observations are required."
    },
    "lifecycle": {
      "state": "watching",
      "label": "Watching",
      "now": "Possible bearish Wave 2 crest is the highest-ranked admissible primary count; cycle status is mixed.",
      "next": "A weekly close through 91.26, supported by an FLD cross and improving relative strength.",
      "wrong": "The underlying directional structure fails beyond 106.26; 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": 22,
      "constructive_count": 11,
      "constructive_percent": 50,
      "rising_cycle_count": 3,
      "rising_cycle_percent": 14,
      "horizons": [
        {
          "weeks": 4,
          "observations": 490,
          "positive_rate": 54.7,
          "median_return": 0.47,
          "average_return": 0.51,
          "median_excess_return": -0.13,
          "excess_observations": 490,
          "p10": -3.81,
          "p90": 4.89
        },
        {
          "weeks": 13,
          "observations": 175,
          "positive_rate": 60.0,
          "median_return": 1.4,
          "average_return": 1.56,
          "median_excess_return": 0.23,
          "excess_observations": 175,
          "p10": -5.45,
          "p90": 9.01
        },
        {
          "weeks": 26,
          "observations": 91,
          "positive_rate": 65.9,
          "median_return": 2.41,
          "average_return": 3.48,
          "median_excess_return": -0.95,
          "excess_observations": 91,
          "p10": -8.06,
          "p90": 16.04
        }
      ],
      "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": 3.125000940168854,
      "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": 18,
      "label": "Contained",
      "tone": "contained",
      "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 0.2% 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 53% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
          "label": "Cycle rollover",
          "score": 0,
          "maximum": 15,
          "bar_width": 0,
          "explanation": "Medium-term cycle pressure is rising."
        },
        {
          "key": "hurst",
          "label": "Multi-cycle risk",
          "score": 8,
          "maximum": 15,
          "bar_width": 50,
          "explanation": "Hurst risk alignment is 50/100."
        },
        {
          "key": "stability",
          "label": "Count instability",
          "score": 10,
          "maximum": 10,
          "bar_width": 100,
          "explanation": "The primary interpretation has unavailable recent stability."
        },
        {
          "key": "event",
          "label": "Event proximity",
          "score": 0,
          "maximum": 10,
          "bar_width": 0,
          "explanation": "No upcoming stored earnings date is available."
        }
      ],
      "warnings": [
        "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."
    }
  },
  "chart": {
    "dates": [
      "2025-11-21",
      "2025-11-28",
      "2025-12-05",
      "2025-12-12",
      "2025-12-19",
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      "2026-03-27",
      "2026-04-03",
      "2026-04-10",
      "2026-04-17",
      "2026-04-24",
      "2026-05-01",
      "2026-05-08",
      "2026-05-15",
      "2026-05-22",
      "2026-05-29",
      "2026-06-05",
      "2026-06-12",
      "2026-06-19",
      "2026-06-26",
      "2026-07-03",
      "2026-07-10",
      "2026-07-17",
      "2026-07-24"
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    "close": [
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    "trend": [
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