{
  "ticker": {
    "symbol": "CBTL",
    "name": "Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF",
    "exchange": "CBOE"
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  "latest_open": 17.72,
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  "latest_low": 17.68,
  "bar_count": 41,
  "analysis_bar_count": 41,
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    "price_basis": "weekly OHLCV; Elliott pivots use weekly closes",
    "wave_method": "constraint-based Elliott candidate enumeration",
    "cycle_method": "adaptive Hurst-style phasing with nominal harmonic bands, trough spacing, FLD and cyclic trend-line confirmation",
    "repainting_policy": "only the final active pivot is provisional; confirmed pivots are retained"
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      "weeks": 0,
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      "confirmed": true
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      "date": "2026-01-16",
      "price": 22.0575,
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      "move_percent": 6.4762414975287825,
      "weeks": 8,
      "confirmed": true
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    {
      "index": 23,
      "date": "2026-03-27",
      "price": 17.9398,
      "kind": "low",
      "move_percent": -18.668026748271558,
      "weeks": 10,
      "confirmed": true
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    {
      "index": 29,
      "date": "2026-05-08",
      "price": 18.915,
      "kind": "high",
      "move_percent": 5.4359580374363,
      "weeks": 6,
      "confirmed": true
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    {
      "index": 33,
      "date": "2026-06-05",
      "price": 17.4914,
      "kind": "low",
      "move_percent": -7.526301876817343,
      "weeks": 4,
      "confirmed": true
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    {
      "index": 40,
      "date": "2026-07-24",
      "price": 17.73,
      "kind": "high",
      "move_percent": 1.3640989286163585,
      "weeks": 7,
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  "cycle": {
    "phase": "troughing",
    "trend_bias": "bearish",
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    "period_basis": "median confirmed trough-to-trough and crest-to-crest spacing",
    "weeks_since_turn": 7,
    "estimated_weeks_to_next_turn": 0,
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        "date": "2026-02-20",
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        "date": "2026-03-20",
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        "date": "2026-03-27",
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        "date": "2026-07-03",
        "value": -4.168648422036477
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        "date": "2026-07-10",
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        "date": "2026-07-17",
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    "status": "mixed",
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    "alignment_score": 75,
    "risk_score": 25,
    "trough_alignment": 0,
    "crest_alignment": 0,
    "nearest_trough_window": 17,
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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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        "weeks_since_crest": 10,
        "projected_trough_window": 8,
        "projected_crest_window": 2,
        "trough_window": {
          "start": 6,
          "midpoint": 8,
          "end": 10
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        "crest_window": {
          "start": 0,
          "midpoint": 2,
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        "fld": {
          "value": 17.6375,
          "state": "crossed up",
          "weeks_since_cross": 0,
          "displacement": 6,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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        "vtl": {
          "available": true,
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          "state": "price above",
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          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
        },
        "trough_indexes": [
          19,
          36
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            "date": "2025-10-17",
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      {
        "period": 20,
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          16,
          24
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        "period_strength": 0,
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        "slope": 0.2602700776931789,
        "amplitude": 4.333,
        "weeks_since_trough": 3,
        "weeks_since_crest": 10,
        "projected_trough_window": 17,
        "projected_crest_window": 10,
        "trough_window": {
          "start": 13,
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          "end": 21
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        "crest_window": {
          "start": 6,
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        "fld": {
          "value": 18.935499999999998,
          "state": "crossed down",
          "weeks_since_cross": 9,
          "displacement": 10,
          "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,
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          "state": "price above",
          "slope": -0.05000000000000016,
          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
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      {
        "period": 40,
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        "estimated_period": 40,
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        "period_strength": 0,
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        "amplitude": 9.872,
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        "fld": {
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          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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        "vtl": {
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          "state": "unavailable"
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            "date": "2026-07-17",
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      {
        "period": 80,
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        "estimated_period": 80,
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        "fld": {
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          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
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        {
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          "passed": true,
          "detail": "Wave 1 17.94; Wave 3 17.49.",
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        },
        {
          "label": "Wave 4 does not overlap Wave 1",
          "passed": true,
          "detail": "Wave 1 boundary 17.94; Wave 4 17.73.",
          "hard": true
        }
      ],
      "guidelines": [
        {
          "label": "Wave 2 retracement is proportionate",
          "passed": false,
          "detail": "Retraced 24% of Wave 1.",
          "hard": false
        },
        {
          "label": "Wave 3 extension is plausible",
          "passed": false,
          "detail": "Wave 3 is 0.35\u00d7 Wave 1.",
          "hard": false
        },
        {
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          "passed": false,
          "detail": "Retraced 17% of Wave 3.",
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        },
        {
          "label": "Waves 2 and 4 show temporal alternation",
          "passed": false,
          "detail": "Wave 2 lasted 6w; Wave 4 lasted 7w.",
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        {
          "index": 33,
          "date": "2026-06-05",
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        {
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      "invalidation": 18.915,
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      "forming": true,
      "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
      "evidence_weight": 42
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    "alternates": [
      {
        "id": "primary-bearish-wave2",
        "degree": "primary",
        "pattern": "impulse",
        "stage": "wave2",
        "title": "Possible bearish Wave 2 crest",
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        "score": 58,
        "rules": [
          {
            "label": "Wave 2 protects the Wave 1 origin",
            "passed": true,
            "detail": "Origin 18.91; Wave 2 17.73.",
            "hard": true
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        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
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            "detail": "Retraced 17% of Wave 1.",
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        ],
        "labels": [
          {
            "index": 29,
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            "index": 33,
            "date": "2026-06-05",
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          {
            "index": 40,
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            "weeks": 7,
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        ],
        "invalidation": 18.915,
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        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 16
      },
      {
        "id": "tactical-bearish-wave4",
        "degree": "tactical",
        "pattern": "impulse",
        "stage": "wave4",
        "title": "Possible bearish Wave 4 crest",
        "direction": "bearish",
        "score": 70,
        "rules": [
          {
            "label": "Wave 2 protects the Wave 1 origin",
            "passed": true,
            "detail": "Origin 22.06; Wave 2 18.91.",
            "hard": true
          },
          {
            "label": "Wave 3 exceeds Wave 1",
            "passed": true,
            "detail": "Wave 1 17.94; Wave 3 17.49.",
            "hard": true
          },
          {
            "label": "Wave 4 does not overlap Wave 1",
            "passed": true,
            "detail": "Wave 1 boundary 17.94; Wave 4 17.73.",
            "hard": true
          }
        ],
        "guidelines": [
          {
            "label": "Wave 2 retracement is proportionate",
            "passed": false,
            "detail": "Retraced 24% of Wave 1.",
            "hard": false
          },
          {
            "label": "Wave 3 extension is plausible",
            "passed": false,
            "detail": "Wave 3 is 0.35\u00d7 Wave 1.",
            "hard": false
          },
          {
            "label": "Wave 4 retracement is proportionate",
            "passed": false,
            "detail": "Retraced 17% of Wave 3.",
            "hard": false
          },
          {
            "label": "Waves 2 and 4 show temporal alternation",
            "passed": false,
            "detail": "Wave 2 lasted 6w; Wave 4 lasted 7w.",
            "hard": false
          }
        ],
        "labels": [
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            "index": 13,
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            "index": 23,
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            "confirmed": true,
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          {
            "index": 29,
            "date": "2026-05-08",
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            "move_percent": 5.4359580374363,
            "weeks": 6,
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          {
            "index": 33,
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            "confirmed": true,
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            "index": 40,
            "date": "2026-07-24",
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        ],
        "invalidation": 18.915,
        "confirmation": 17.4914,
        "forming": true,
        "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
        "evidence_weight": 42
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    ],
    "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": {
          "id": "primary-bearish-wave4",
          "degree": "primary",
          "pattern": "impulse",
          "stage": "wave4",
          "title": "Possible bearish Wave 4 crest",
          "direction": "bearish",
          "score": 70,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 22.06; Wave 2 18.91.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 17.94; Wave 3 17.49.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 17.94; Wave 4 17.73.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 24% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": false,
              "detail": "Wave 3 is 0.35\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 17% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": false,
              "detail": "Wave 2 lasted 6w; Wave 4 lasted 7w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 13,
              "date": "2026-01-16",
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              "weeks": 8,
              "confirmed": true,
              "label": "0"
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            {
              "index": 23,
              "date": "2026-03-27",
              "price": 17.9398,
              "kind": "low",
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              "weeks": 10,
              "confirmed": true,
              "label": "1"
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            {
              "index": 29,
              "date": "2026-05-08",
              "price": 18.915,
              "kind": "high",
              "move_percent": 5.4359580374363,
              "weeks": 6,
              "confirmed": true,
              "label": "2"
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            {
              "index": 33,
              "date": "2026-06-05",
              "price": 17.4914,
              "kind": "low",
              "move_percent": -7.526301876817343,
              "weeks": 4,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 40,
              "date": "2026-07-24",
              "price": 17.73,
              "kind": "high",
              "move_percent": 1.3640989286163585,
              "weeks": 7,
              "confirmed": false,
              "label": "4"
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          ],
          "invalidation": 18.915,
          "confirmation": 17.4914,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 42
        },
        "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": 70,
          "rules": [
            {
              "label": "Wave 2 protects the Wave 1 origin",
              "passed": true,
              "detail": "Origin 22.06; Wave 2 18.91.",
              "hard": true
            },
            {
              "label": "Wave 3 exceeds Wave 1",
              "passed": true,
              "detail": "Wave 1 17.94; Wave 3 17.49.",
              "hard": true
            },
            {
              "label": "Wave 4 does not overlap Wave 1",
              "passed": true,
              "detail": "Wave 1 boundary 17.94; Wave 4 17.73.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 24% of Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 3 extension is plausible",
              "passed": false,
              "detail": "Wave 3 is 0.35\u00d7 Wave 1.",
              "hard": false
            },
            {
              "label": "Wave 4 retracement is proportionate",
              "passed": false,
              "detail": "Retraced 17% of Wave 3.",
              "hard": false
            },
            {
              "label": "Waves 2 and 4 show temporal alternation",
              "passed": false,
              "detail": "Wave 2 lasted 6w; Wave 4 lasted 7w.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 13,
              "date": "2026-01-16",
              "price": 22.0575,
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              "move_percent": 6.4762414975287825,
              "weeks": 8,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 23,
              "date": "2026-03-27",
              "price": 17.9398,
              "kind": "low",
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              "weeks": 10,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 29,
              "date": "2026-05-08",
              "price": 18.915,
              "kind": "high",
              "move_percent": 5.4359580374363,
              "weeks": 6,
              "confirmed": true,
              "label": "2"
            },
            {
              "index": 33,
              "date": "2026-06-05",
              "price": 17.4914,
              "kind": "low",
              "move_percent": -7.526301876817343,
              "weeks": 4,
              "confirmed": true,
              "label": "3"
            },
            {
              "index": 40,
              "date": "2026-07-24",
              "price": 17.73,
              "kind": "high",
              "move_percent": 1.3640989286163585,
              "weeks": 7,
              "confirmed": false,
              "label": "4"
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          ],
          "invalidation": 18.915,
          "confirmation": 17.4914,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 42
        },
        "candidate_count": 2,
        "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. Price is 5.0% below its 30-week trend. 2 of 6 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 1.8134625765180106
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      {
        "weeks": 13,
        "label": "13-week return",
        "value": -5.447564194864409
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      {
        "weeks": 26,
        "label": "26-week return",
        "value": -15.789573675811233
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      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
      }
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      "high_52": 25.026318,
      "low_52": 17.27,
      "position_52": 5.930649052810893,
      "drawdown": -29.154580390131695
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      "average_weekly_range": 1.798728706179567,
      "active_drawdown": -26.31689230334849
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    "levels": {
      "support": {
        "index": 33,
        "date": "2026-06-05",
        "price": 17.4914,
        "kind": "low",
        "move_percent": -7.526301876817343,
        "weeks": 4,
        "confirmed": true
      },
      "resistance": {
        "index": 29,
        "date": "2026-05-08",
        "price": 18.915,
        "kind": "high",
        "move_percent": 5.4359580374363,
        "weeks": 6,
        "confirmed": true
      },
      "decisive": {
        "index": 33,
        "date": "2026-06-05",
        "price": 17.4914,
        "kind": "low",
        "move_percent": -7.526301876817343,
        "weeks": 4,
        "confirmed": true
      },
      "decisive_label": "Nearest confirmed structure level",
      "trend": 18.670153,
      "fair_value": 19.598797,
      "trend_gap": -5.035593441574896,
      "fair_value_gap": -9.535263822570338
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    "active_swing": {
      "from": {
        "index": 33,
        "date": "2026-06-05",
        "price": 17.4914,
        "kind": "low",
        "move_percent": -7.526301876817343,
        "weeks": 4,
        "confirmed": true
      },
      "to": {
        "index": 40,
        "date": "2026-07-24",
        "price": 17.73,
        "kind": "high",
        "move_percent": 1.3640989286163585,
        "weeks": 7,
        "confirmed": false
      },
      "move_percent": 1.3640989286163585,
      "weeks": 7,
      "status": "Forming"
    },
    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "negative",
          "value": "5.0% below trend",
          "explanation": "Price remains below its 30-week trend."
        },
        {
          "label": "Cycle pressure",
          "status": "positive",
          "value": "Troughing",
          "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": "-55.8",
          "explanation": "Participation is weak"
        },
        {
          "label": "Market dynamics",
          "status": "positive",
          "value": "+0.2",
          "explanation": "Price and volume behaviour is supportive"
        },
        {
          "label": "30-week momentum",
          "status": "negative",
          "value": "-15.1",
          "explanation": "Medium-term momentum is negative"
        }
      ],
      "positive": 2,
      "negative": 3,
      "neutral": 1,
      "observed": 6,
      "agreement": 50,
      "direction": "defensive",
      "scenario_direction": "neutral"
    },
    "evidence": {
      "score": 43,
      "history_score": 16,
      "indicator_coverage": 38,
      "structure_score": 100,
      "weekly_observations": 41,
      "confirmed_pivots": 6
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    "volume_ratio": 188.18363220170446,
    "historical": {
      "available": false,
      "matches": 0,
      "horizons": [],
      "note": "At least 90 weekly observations are required."
    },
    "lifecycle": {
      "state": "watching",
      "label": "Watching",
      "now": "Possible bearish Wave 4 crest is the highest-ranked admissible primary count; cycle status is mixed.",
      "next": "A weekly close through 17.49, supported by an FLD cross and improving relative strength.",
      "wrong": "The underlying directional structure fails beyond 18.91; 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": 8,
      "constructive_percent": 47,
      "rising_cycle_count": 7,
      "rising_cycle_percent": 41,
      "horizons": [
        {
          "weeks": 4,
          "observations": 219,
          "positive_rate": 53.9,
          "median_return": 0.38,
          "average_return": 1.2,
          "median_excess_return": -0.69,
          "excess_observations": 219,
          "p10": -6.72,
          "p90": 9.02
        },
        {
          "weeks": 13,
          "observations": 91,
          "positive_rate": 56.0,
          "median_return": 1.0,
          "average_return": 1.87,
          "median_excess_return": -1.41,
          "excess_observations": 91,
          "p10": -11.11,
          "p90": 20.03
        },
        {
          "weeks": 26,
          "observations": 54,
          "positive_rate": 51.9,
          "median_return": 0.39,
          "average_return": 4.05,
          "median_excess_return": -7.71,
          "excess_observations": 54,
          "p10": -11.2,
          "p90": 18.33
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      ],
      "benchmark": "SPY",
      "explanation": "Breadth shows whether peers share the structure. Cohort outcomes use non-overlapping, point-in-time trend and momentum states from the same sector and report benchmark excess return when matching benchmark bars exist; they are context, not a backtest of the Elliott count."
    },
    "event_positioning": {
      "earnings_date": null,
      "earnings_weeks": null,
      "options_available": false,
      "options_direction": null,
      "options_conviction": null,
      "expected_move": null,
      "invalidation_distance": 6.683587140439925,
      "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": 14,
      "label": "Contained",
      "tone": "contained",
      "components": [
        {
          "key": "wave",
          "label": "Wave maturity",
          "score": 0,
          "maximum": 25,
          "bar_width": 0,
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        },
        {
          "key": "extension",
          "label": "Trend extension",
          "score": 0,
          "maximum": 20,
          "bar_width": 0,
          "explanation": "Price is 5.0% below the 30-week trend; large positive gaps increase snap-back vulnerability."
        },
        {
          "key": "range",
          "label": "Range position",
          "score": 0,
          "maximum": 15,
          "bar_width": 0,
          "explanation": "Price is 6% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
          "label": "Cycle rollover",
          "score": 0,
          "maximum": 15,
          "bar_width": 0,
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        },
        {
          "key": "hurst",
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          "score": 4,
          "maximum": 15,
          "bar_width": 25,
          "explanation": "Hurst risk alignment is 25/100."
        },
        {
          "key": "stability",
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          "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."
        }
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      "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."
    }
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