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    "symbol": "FLYT",
    "name": "DIREXION FLIGHT TO SAFETY STRATEGY ETF",
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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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        "date": "2026-01-16",
        "value": -1.3710522661618
      },
      {
        "date": "2026-01-23",
        "value": -1.6489803213791552
      },
      {
        "date": "2026-01-30",
        "value": -1.8728008182635238
      },
      {
        "date": "2026-02-06",
        "value": -2.594632159690893
      },
      {
        "date": "2026-02-13",
        "value": -2.8410041916370785
      },
      {
        "date": "2026-02-20",
        "value": -2.9277355282062496
      },
      {
        "date": "2026-02-27",
        "value": -2.960339391163648
      },
      {
        "date": "2026-03-06",
        "value": -2.9741747947143717
      },
      {
        "date": "2026-03-13",
        "value": -2.9811756247912227
      },
      {
        "date": "2026-03-20",
        "value": -2.9854361204530084
      },
      {
        "date": "2026-03-27",
        "value": -2.988412989632962
      },
      {
        "date": "2026-04-03",
        "value": -1.390664775639829
      },
      {
        "date": "2026-04-10",
        "value": -0.8591024127446415
      },
      {
        "date": "2026-04-17",
        "value": -0.6827425809071306
      },
      {
        "date": "2026-04-24",
        "value": -0.6246279517332085
      },
      {
        "date": "2026-05-01",
        "value": -0.5778770799642818
      },
      {
        "date": "2026-05-08",
        "value": -0.529339653451647
      },
      {
        "date": "2026-05-15",
        "value": -0.4775119179102276
      },
      {
        "date": "2026-05-22",
        "value": -0.4153272528966728
      },
      {
        "date": "2026-05-29",
        "value": -0.28034034959602305
      },
      {
        "date": "2026-06-05",
        "value": -0.5315105501611019
      },
      {
        "date": "2026-06-12",
        "value": -1.9276498830695643
      },
      {
        "date": "2026-06-19",
        "value": -2.385926029052945
      },
      {
        "date": "2026-06-26",
        "value": -2.5359503930672886
      },
      {
        "date": "2026-07-03",
        "value": -2.5842830457694537
      },
      {
        "date": "2026-07-10",
        "value": -2.601413262255628
      },
      {
        "date": "2026-07-17",
        "value": -2.6099288551042057
      },
      {
        "date": "2026-07-24",
        "value": -2.6161368531198606
      },
      {
        "date": "2026-07-31",
        "value": -2.6228535429802338
      }
    ]
  },
  "structure": {
    "primary": {
      "id": "primary-bearish-wave4",
      "degree": "primary",
      "pattern": "impulse",
      "stage": "wave4",
      "title": "Possible bearish Wave 4 crest",
      "direction": "bearish",
      "score": 75,
      "rules": [
        {
          "label": "Wave 2 protects the Wave 1 origin",
          "passed": true,
          "detail": "Origin 38.44; Wave 2 10.20.",
          "hard": true
        },
        {
          "label": "Wave 3 exceeds Wave 1",
          "passed": true,
          "detail": "Wave 1 8.08; Wave 3 4.41.",
          "hard": true
        },
        {
          "label": "Wave 4 does not overlap Wave 1",
          "passed": true,
          "detail": "Wave 1 boundary 8.08; Wave 4 4.67.",
          "hard": true
        }
      ],
      "guidelines": [
        {
          "label": "Wave 2 retracement is proportionate",
          "passed": false,
          "detail": "Retraced 7% of Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 3 extension is plausible",
          "passed": false,
          "detail": "Wave 3 is 0.19\u00d7 Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 4 retracement is proportionate",
          "passed": false,
          "detail": "Retraced 4% of Wave 3.",
          "hard": false
        },
        {
          "label": "Waves 2 and 4 show temporal alternation",
          "passed": true,
          "detail": "Wave 2 lasted 1w; Wave 4 lasted 2w.",
          "hard": false
        }
      ],
      "labels": [
        {
          "index": 132,
          "date": "2026-05-22",
          "price": 38.44,
          "kind": "high",
          "move_percent": 93.65239294710325,
          "weeks": 3,
          "confirmed": true,
          "label": "0"
        },
        {
          "index": 137,
          "date": "2026-06-26",
          "price": 8.08,
          "kind": "low",
          "move_percent": -78.9802289281998,
          "weeks": 5,
          "confirmed": true,
          "label": "1"
        },
        {
          "index": 138,
          "date": "2026-07-03",
          "price": 10.2,
          "kind": "high",
          "move_percent": 26.237623762376227,
          "weeks": 1,
          "confirmed": true,
          "label": "2"
        },
        {
          "index": 140,
          "date": "2026-07-17",
          "price": 4.41,
          "kind": "low",
          "move_percent": -56.764705882352935,
          "weeks": 2,
          "confirmed": true,
          "label": "3"
        },
        {
          "index": 142,
          "date": "2026-07-31",
          "price": 4.67,
          "kind": "high",
          "move_percent": 5.89569160997732,
          "weeks": 2,
          "confirmed": false,
          "label": "4"
        }
      ],
      "invalidation": 10.2,
      "confirmation": 4.41,
      "forming": true,
      "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
      "evidence_weight": 45
    },
    "alternates": [
      {
        "id": "primary-bearish-wave2",
        "degree": "primary",
        "pattern": "impulse",
        "stage": "wave2",
        "title": "Possible bearish Wave 2 crest",
        "direction": "bearish",
        "score": 58,
        "rules": [
          {
            "label": "Wave 2 protects the Wave 1 origin",
            "passed": true,
            "detail": "Origin 10.20; Wave 2 4.67.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
            "passed": false,
            "detail": "Retraced 4% of Wave 1.",
            "hard": false
          }
        ],
        "labels": [
          {
            "index": 138,
            "date": "2026-07-03",
            "price": 10.2,
            "kind": "high",
            "move_percent": 26.237623762376227,
            "weeks": 1,
            "confirmed": true,
            "label": "0"
          },
          {
            "index": 140,
            "date": "2026-07-17",
            "price": 4.41,
            "kind": "low",
            "move_percent": -56.764705882352935,
            "weeks": 2,
            "confirmed": true,
            "label": "1"
          },
          {
            "index": 142,
            "date": "2026-07-31",
            "price": 4.67,
            "kind": "high",
            "move_percent": 5.89569160997732,
            "weeks": 2,
            "confirmed": false,
            "label": "2"
          }
        ],
        "invalidation": 10.2,
        "confirmation": 4.41,
        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 11
      },
      {
        "id": "tactical-bearish-wave4",
        "degree": "tactical",
        "pattern": "impulse",
        "stage": "wave4",
        "title": "Possible bearish Wave 4 crest",
        "direction": "bearish",
        "score": 75,
        "rules": [
          {
            "label": "Wave 2 protects the Wave 1 origin",
            "passed": true,
            "detail": "Origin 38.44; Wave 2 10.20.",
            "hard": true
          },
          {
            "label": "Wave 3 exceeds Wave 1",
            "passed": true,
            "detail": "Wave 1 8.08; Wave 3 4.41.",
            "hard": true
          },
          {
            "label": "Wave 4 does not overlap Wave 1",
            "passed": true,
            "detail": "Wave 1 boundary 8.08; Wave 4 4.67.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
            "passed": false,
            "detail": "Retraced 7% of Wave 1.",
            "hard": false
          },
          {
            "label": "Wave 3 extension is plausible",
            "passed": false,
            "detail": "Wave 3 is 0.19\u00d7 Wave 1.",
            "hard": false
          },
          {
            "label": "Wave 4 retracement is proportionate",
            "passed": false,
            "detail": "Retraced 4% of Wave 3.",
            "hard": false
          },
          {
            "label": "Waves 2 and 4 show temporal alternation",
            "passed": true,
            "detail": "Wave 2 lasted 1w; Wave 4 lasted 2w.",
            "hard": false
          }
        ],
        "labels": [
          {
            "index": 132,
            "date": "2026-05-22",
            "price": 38.44,
            "kind": "high",
            "move_percent": 93.65239294710325,
            "weeks": 3,
            "confirmed": true,
            "label": "0"
          },
          {
            "index": 137,
            "date": "2026-06-26",
            "price": 8.08,
            "kind": "low",
            "move_percent": -78.9802289281998,
            "weeks": 5,
            "confirmed": true,
            "label": "1"
          },
          {
            "index": 138,
            "date": "2026-07-03",
            "price": 10.2,
            "kind": "high",
            "move_percent": 26.237623762376227,
            "weeks": 1,
            "confirmed": true,
            "label": "2"
          },
          {
            "index": 140,
            "date": "2026-07-17",
            "price": 4.41,
            "kind": "low",
            "move_percent": -56.764705882352935,
            "weeks": 2,
            "confirmed": true,
            "label": "3"
          },
          {
            "index": 142,
            "date": "2026-07-31",
            "price": 4.67,
            "kind": "high",
            "move_percent": 5.89569160997732,
            "weeks": 2,
            "confirmed": false,
            "label": "4"
          }
        ],
        "invalidation": 10.2,
        "confirmation": 4.41,
        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 45
      }
    ],
    "degrees": [
      {
        "key": "strategic",
        "label": "Strategic",
        "reversal_percent": 8.0,
        "primary": {
          "id": "strategic-bearish-wave3",
          "degree": "strategic",
          "pattern": "impulse",
          "stage": "wave3",
          "title": "Possible bearish Wave 3 declining",
          "direction": "bearish",
          "score": 64,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 38.44; Wave 2 10.20.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 8.08; Wave 3 4.67.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 7% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": false,
              "detail": "Wave 3 is 0.18\u00d7 Wave 1.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 132,
              "date": "2026-05-22",
              "price": 38.44,
              "kind": "high",
              "move_percent": 93.65239294710325,
              "weeks": 3,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 137,
              "date": "2026-06-26",
              "price": 8.08,
              "kind": "low",
              "move_percent": -78.9802289281998,
              "weeks": 5,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 138,
              "date": "2026-07-03",
              "price": 10.2,
              "kind": "high",
              "move_percent": 26.237623762376227,
              "weeks": 1,
              "confirmed": true,
              "label": "2"
            },
            {
              "index": 142,
              "date": "2026-07-31",
              "price": 4.67,
              "kind": "low",
              "move_percent": -54.2156862745098,
              "weeks": 4,
              "confirmed": false,
              "label": "3"
            }
          ],
          "invalidation": 10.2,
          "confirmation": 4.67,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements."
        },
        "candidate_count": 2,
        "explanation": "Strategic degree uses a 8.0% weekly closing-price reversal threshold."
      },
      {
        "key": "primary",
        "label": "Primary",
        "reversal_percent": 5.0,
        "primary": {
          "id": "primary-bearish-wave4",
          "degree": "primary",
          "pattern": "impulse",
          "stage": "wave4",
          "title": "Possible bearish Wave 4 crest",
          "direction": "bearish",
          "score": 75,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 38.44; Wave 2 10.20.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 8.08; Wave 3 4.41.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 8.08; Wave 4 4.67.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 7% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": false,
              "detail": "Wave 3 is 0.19\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 4% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": true,
              "detail": "Wave 2 lasted 1w; Wave 4 lasted 2w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 132,
              "date": "2026-05-22",
              "price": 38.44,
              "kind": "high",
              "move_percent": 93.65239294710325,
              "weeks": 3,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 137,
              "date": "2026-06-26",
              "price": 8.08,
              "kind": "low",
              "move_percent": -78.9802289281998,
              "weeks": 5,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 138,
              "date": "2026-07-03",
              "price": 10.2,
              "kind": "high",
              "move_percent": 26.237623762376227,
              "weeks": 1,
              "confirmed": true,
              "label": "2"
            },
            {
              "index": 140,
              "date": "2026-07-17",
              "price": 4.41,
              "kind": "low",
              "move_percent": -56.764705882352935,
              "weeks": 2,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 142,
              "date": "2026-07-31",
              "price": 4.67,
              "kind": "high",
              "move_percent": 5.89569160997732,
              "weeks": 2,
              "confirmed": false,
              "label": "4"
            }
          ],
          "invalidation": 10.2,
          "confirmation": 4.41,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 45
        },
        "candidate_count": 2,
        "explanation": "Primary degree uses a 5.0% weekly closing-price reversal threshold."
      },
      {
        "key": "tactical",
        "label": "Tactical",
        "reversal_percent": 3.5,
        "primary": {
          "id": "tactical-bearish-wave4",
          "degree": "tactical",
          "pattern": "impulse",
          "stage": "wave4",
          "title": "Possible bearish Wave 4 crest",
          "direction": "bearish",
          "score": 75,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 38.44; Wave 2 10.20.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 8.08; Wave 3 4.41.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 8.08; Wave 4 4.67.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 7% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": false,
              "detail": "Wave 3 is 0.19\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 4% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": true,
              "detail": "Wave 2 lasted 1w; Wave 4 lasted 2w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 132,
              "date": "2026-05-22",
              "price": 38.44,
              "kind": "high",
              "move_percent": 93.65239294710325,
              "weeks": 3,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 137,
              "date": "2026-06-26",
              "price": 8.08,
              "kind": "low",
              "move_percent": -78.9802289281998,
              "weeks": 5,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 138,
              "date": "2026-07-03",
              "price": 10.2,
              "kind": "high",
              "move_percent": 26.237623762376227,
              "weeks": 1,
              "confirmed": true,
              "label": "2"
            },
            {
              "index": 140,
              "date": "2026-07-17",
              "price": 4.41,
              "kind": "low",
              "move_percent": -56.764705882352935,
              "weeks": 2,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 142,
              "date": "2026-07-31",
              "price": 4.67,
              "kind": "high",
              "move_percent": 5.89569160997732,
              "weeks": 2,
              "confirmed": false,
              "label": "4"
            }
          ],
          "invalidation": 10.2,
          "confirmation": 4.41,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 45
        },
        "candidate_count": 2,
        "explanation": "Tactical degree uses a 3.5% weekly closing-price reversal threshold."
      }
    ],
    "stability": {
      "score": 52,
      "changes": 3,
      "observations": 9,
      "label": "Moderate"
    },
    "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": "hurst_crest_risk",
    "title": "Hurst crest risk",
    "direction": "risk",
    "confidence": 95,
    "score_explanation": "Rules agreement plus independent cycle, trend and participation confirmation; it is not a probability.",
    "candidate_id": "primary-bearish-wave4",
    "labels": [
      {
        "index": 132,
        "date": "2026-05-22",
        "price": 38.44,
        "kind": "high",
        "move_percent": 93.65239294710325,
        "weeks": 3,
        "confirmed": true,
        "label": "0"
      },
      {
        "index": 137,
        "date": "2026-06-26",
        "price": 8.08,
        "kind": "low",
        "move_percent": -78.9802289281998,
        "weeks": 5,
        "confirmed": true,
        "label": "1"
      },
      {
        "index": 138,
        "date": "2026-07-03",
        "price": 10.2,
        "kind": "high",
        "move_percent": 26.237623762376227,
        "weeks": 1,
        "confirmed": true,
        "label": "2"
      },
      {
        "index": 140,
        "date": "2026-07-17",
        "price": 4.41,
        "kind": "low",
        "move_percent": -56.764705882352935,
        "weeks": 2,
        "confirmed": true,
        "label": "3"
      },
      {
        "index": 142,
        "date": "2026-07-31",
        "price": 4.67,
        "kind": "high",
        "move_percent": 5.89569160997732,
        "weeks": 2,
        "confirmed": false,
        "label": "4"
      }
    ],
    "notes": [
      "Hurst rhythm shows a falling stack.",
      "Hurst risk alignment is elevated.",
      "Market Activity has fallen below zero.",
      "Market Dynamics is negative.",
      "30-week price rate of change is negative."
    ],
    "metrics": {
      "trend_gap": -71.65034396267365,
      "fair_value_gap": -88.17281278142595,
      "market_activity": -58.162846,
      "market_dynamics": -0.988547,
      "relative_strength": -85.250399,
      "roc30": -68.72069658405894,
      "hurst_alignment": 0,
      "hurst_risk": 100
    }
  },
  "detail": {
    "summary": "The closing-price swing map is classified as hurst crest risk. Price is 71.7% below its 30-week trend. 0 of 7 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": -54.2156862745098
      },
      {
        "weeks": 13,
        "label": "13-week return",
        "value": -76.4735516372796
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": -68.88740839440374
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": -90.48563285740038
      }
    ],
    "range": {
      "high_52": 58.5148,
      "low_52": 3.6056,
      "position_52": 1.9384729699212517,
      "drawdown": -92.01911311326364
    },
    "risk": {
      "annualised_volatility": 216.0785937215383,
      "average_weekly_range": 50.266199788454486,
      "active_drawdown": -91.09338705731058
    },
    "levels": {
      "support": {
        "index": 140,
        "date": "2026-07-17",
        "price": 4.41,
        "kind": "low",
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        "weeks": 2,
        "confirmed": true
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      "resistance": {
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        "price": 10.2,
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        "confirmed": true
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      "decisive": {
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        "price": 10.2,
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        "confirmed": true
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      "decisive_label": "Bearish structure weakens above",
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        "price": 4.67,
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      "move_percent": 5.89569160997732,
      "weeks": 2,
      "status": "Forming"
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    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "negative",
          "value": "71.7% below trend",
          "explanation": "Price remains below its 30-week trend."
        },
        {
          "label": "Cycle pressure",
          "status": "negative",
          "value": "Falling",
          "explanation": "The medium-term pressure curve is not rising."
        },
        {
          "label": "Cycle alignment",
          "status": "negative",
          "value": "Falling Stack",
          "explanation": "Several cycle lengths are weakening together."
        },
        {
          "label": "Relative strength",
          "status": "negative",
          "value": "-85.3",
          "explanation": "Underperforming its benchmark"
        },
        {
          "label": "Market activity",
          "status": "negative",
          "value": "-58.2",
          "explanation": "Participation is weak"
        },
        {
          "label": "Market dynamics",
          "status": "negative",
          "value": "-1.0",
          "explanation": "Price and volume behaviour is weak"
        },
        {
          "label": "30-week momentum",
          "status": "negative",
          "value": "-68.7",
          "explanation": "Medium-term momentum is negative"
        }
      ],
      "positive": 0,
      "negative": 7,
      "neutral": 0,
      "observed": 7,
      "agreement": 100,
      "direction": "defensive",
      "scenario_direction": "risk"
    },
    "evidence": {
      "score": 84,
      "history_score": 55,
      "indicator_coverage": 100,
      "structure_score": 100,
      "weekly_observations": 143,
      "confirmed_pivots": 20
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    "volume_ratio": 88.06140650543537,
    "historical": {
      "available": true,
      "matches": 31,
      "horizons": [
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          "weeks": 4,
          "observations": 30,
          "positive_rate": 60.0,
          "median_return": 1.58,
          "bar_width": 7.9,
          "average_return": 19.15,
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          "worst_return": -70.83
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        {
          "weeks": 13,
          "observations": 29,
          "positive_rate": 58.6,
          "median_return": 3.61,
          "bar_width": 18.05,
          "average_return": 31.04,
          "best_return": 339.82,
          "worst_return": -53.0
        },
        {
          "weeks": 26,
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          "positive_rate": 52.6,
          "median_return": 1.99,
          "bar_width": 9.95,
          "average_return": 20.3,
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          "worst_return": -84.5
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      "note": "Overlapping historical matches are descriptive context, not independent observations or a forecast."
    },
    "lifecycle": {
      "state": "watching",
      "label": "Watching",
      "now": "Possible bearish Wave 4 crest is the highest-ranked admissible primary count; cycle status is falling stack.",
      "next": "A weekly close through 4.41, supported by an FLD cross and improving relative strength.",
      "wrong": "The underlying directional structure fails beyond 10.20; 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": 17,
      "constructive_count": 10,
      "constructive_percent": 59,
      "rising_cycle_count": 6,
      "rising_cycle_percent": 35,
      "horizons": [
        {
          "weeks": 4,
          "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
        },
        {
          "weeks": 13,
          "observations": 90,
          "positive_rate": 55.6,
          "median_return": 0.98,
          "average_return": 1.85,
          "median_excess_return": -1.26,
          "excess_observations": 90,
          "p10": -11.14,
          "p90": 20.09
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        {
          "weeks": 26,
          "observations": 53,
          "positive_rate": 50.9,
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          "average_return": 4.22,
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          "excess_observations": 53,
          "p10": -11.23,
          "p90": 18.43
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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": true,
      "options_direction": "volatility",
      "options_conviction": 48.35,
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      "invalidation_distance": 118.41541755888649,
      "collision": false,
      "flags": [],
      "explanation": "Event and positioning context tests whether a scheduled catalyst or the options-implied move could overwhelm the technical structure."
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    "downside_vulnerability": {
      "score": 31,
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      "tone": "watch",
      "components": [
        {
          "key": "wave",
          "label": "Wave maturity",
          "score": 0,
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          "bar_width": 0,
          "explanation": "The primary count is not presently a mature Wave 5."
        },
        {
          "key": "extension",
          "label": "Trend extension",
          "score": 0,
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          "bar_width": 0,
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        },
        {
          "key": "range",
          "label": "Range position",
          "score": 0,
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          "bar_width": 0,
          "explanation": "Price is 2% of the way through its 52-week low-to-high range."
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        {
          "key": "cycle",
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        },
        {
          "key": "hurst",
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          "explanation": "Hurst risk alignment is 100/100."
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        {
          "key": "stability",
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          "score": 5,
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          "explanation": "The primary interpretation has moderate recent stability."
        },
        {
          "key": "event",
          "label": "Event proximity",
          "score": 0,
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          "bar_width": 0,
          "explanation": "No upcoming stored earnings date is available."
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      "warnings": [
        "Medium-term cycle pressure is falling.",
        "Hurst risk alignment is 100/100."
      ],
      "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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