{
  "ticker": {
    "symbol": "513A",
    "name": "Global X Japan Defense Tech ETF",
    "exchange": "JPX"
  },
  "latest_week": "2026-08-07",
  "latest_close": 873.0,
  "latest_open": 848.0,
  "latest_high": 888.0,
  "latest_low": 818.0,
  "bar_count": 25,
  "analysis_bar_count": 25,
  "reversal_percent": 9.085355170806881,
  "model": {
    "version": "ewc-2.1.0",
    "as_of": "2026-08-07",
    "price_basis": "weekly OHLCV; Elliott pivots use weekly closes",
    "wave_method": "constraint-based Elliott candidate enumeration",
    "cycle_method": "adaptive Hurst-style phasing with nominal harmonic bands, trough spacing, FLD and cyclic trend-line confirmation",
    "repainting_policy": "only the final active pivot is provisional; confirmed pivots are retained"
  },
  "pivots": [
    {
      "index": 24,
      "date": "2026-08-07",
      "price": 873.0,
      "kind": "low",
      "move_percent": null,
      "weeks": 0,
      "confirmed": false
    }
  ],
  "cycle": {
    "phase": "falling",
    "trend_bias": "bearish",
    "oscillator": -5.067342280200296,
    "slope": -1.9388395343503309,
    "dominant_period_weeks": 40,
    "period_basis": "median confirmed trough-to-trough and crest-to-crest spacing",
    "weeks_since_turn": null,
    "estimated_weeks_to_next_turn": null,
    "series": [
      {
        "date": "2026-02-20",
        "value": null
      },
      {
        "date": "2026-02-27",
        "value": null
      },
      {
        "date": "2026-03-06",
        "value": null
      },
      {
        "date": "2026-03-13",
        "value": 0.0
      },
      {
        "date": "2026-03-20",
        "value": 0.0
      },
      {
        "date": "2026-03-27",
        "value": 0.0
      },
      {
        "date": "2026-04-03",
        "value": 0.0
      },
      {
        "date": "2026-04-10",
        "value": 0.0
      },
      {
        "date": "2026-04-17",
        "value": 0.0
      },
      {
        "date": "2026-04-24",
        "value": 0.0
      },
      {
        "date": "2026-05-01",
        "value": 0.0
      },
      {
        "date": "2026-05-08",
        "value": 0.0
      },
      {
        "date": "2026-05-15",
        "value": 0.0
      },
      {
        "date": "2026-05-22",
        "value": 0.0
      },
      {
        "date": "2026-05-29",
        "value": 0.0
      },
      {
        "date": "2026-06-05",
        "value": 0.0
      },
      {
        "date": "2026-06-12",
        "value": 0.0
      },
      {
        "date": "2026-06-19",
        "value": 0.0
      },
      {
        "date": "2026-06-26",
        "value": 0.0
      },
      {
        "date": "2026-07-03",
        "value": -1.535419248253155
      },
      {
        "date": "2026-07-10",
        "value": -3.128502745849965
      },
      {
        "date": "2026-07-17",
        "value": -5.510974855524163
      },
      {
        "date": "2026-07-24",
        "value": -6.92738568443848
      },
      {
        "date": "2026-07-31",
        "value": -6.265837277233408
      },
      {
        "date": "2026-08-07",
        "value": -5.067342280200296
      }
    ]
  },
  "hurst": {
    "status": "mixed",
    "phase": "rising",
    "alignment_score": 75,
    "risk_score": 25,
    "trough_alignment": 0,
    "crest_alignment": 0,
    "nearest_trough_window": 17,
    "nearest_crest_window": null,
    "method": "adaptive Hurst-style phasing with nominal harmonic bands, trough spacing, FLD and cyclic trend-line confirmation",
    "explanation": "Nominal cycles are starting bands, not fixed clocks. Each period adapts to the strongest nearby repeat in detrended weekly prices; projected turns are future intervals and require price confirmation.",
    "cycles": [
      {
        "period": 10,
        "label": "10w",
        "estimated_period": 10,
        "period_range": [
          8,
          12
        ],
        "period_strength": 0,
        "phase": "rising",
        "value": 0.2679650324660402,
        "slope": 2.014237990264336,
        "amplitude": 2.291,
        "weeks_since_trough": 6,
        "weeks_since_crest": 13,
        "projected_trough_window": 4,
        "projected_crest_window": 7,
        "trough_window": {
          "start": 2,
          "midpoint": 4,
          "end": 6
        },
        "crest_window": {
          "start": 5,
          "midpoint": 7,
          "end": 9
        },
        "fld": {
          "value": 858.5,
          "state": "crossed up",
          "weeks_since_cross": 1,
          "displacement": 5,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": true,
          "value": 745.5,
          "state": "price above",
          "slope": -11.75,
          "explanation": "A provisional line through the latest two phased troughs; it is supporting evidence, not a standalone signal."
        },
        "trough_indexes": [
          10,
          18
        ],
        "series": [
          {
            "date": "2026-02-20",
            "value": null
          },
          {
            "date": "2026-02-27",
            "value": null
          },
          {
            "date": "2026-03-06",
            "value": null
          },
          {
            "date": "2026-03-13",
            "value": null
          },
          {
            "date": "2026-03-20",
            "value": null
          },
          {
            "date": "2026-03-27",
            "value": null
          },
          {
            "date": "2026-04-03",
            "value": null
          },
          {
            "date": "2026-04-10",
            "value": null
          },
          {
            "date": "2026-04-17",
            "value": null
          },
          {
            "date": "2026-04-24",
            "value": -1.0
          },
          {
            "date": "2026-05-01",
            "value": -1.303974233587772
          },
          {
            "date": "2026-05-08",
            "value": 0.23200858880407593
          },
          {
            "date": "2026-05-15",
            "value": -0.4963162224637311
          },
          {
            "date": "2026-05-22",
            "value": -1.0866297690944653
          },
          {
            "date": "2026-05-29",
            "value": -0.6009816174709772
          },
          {
            "date": "2026-06-05",
            "value": -1.9915063400802697
          },
          {
            "date": "2026-06-12",
            "value": -2.6638354466934233
          },
          {
            "date": "2026-06-19",
            "value": -2.8879451488978076
          },
          {
            "date": "2026-06-26",
            "value": -2.962648382965936
          },
          {
            "date": "2026-07-03",
            "value": -2.8076931119652278
          },
          {
            "date": "2026-07-10",
            "value": -1.9465329469735861
          },
          {
            "date": "2026-07-17",
            "value": -1.7462729577982958
          },
          {
            "date": "2026-07-24",
            "value": -1.2231958278166801
          },
          {
            "date": "2026-07-31",
            "value": -0.5541603222947684
          },
          {
            "date": "2026-08-07",
            "value": 0.2679650324660402
          }
        ]
      },
      {
        "period": 20,
        "label": "20w",
        "estimated_period": 20,
        "period_range": [
          15,
          25
        ],
        "period_strength": 0,
        "phase": "troughing",
        "value": -0.664183678464707,
        "slope": 0.5122416827816092,
        "amplitude": 6.199,
        "weeks_since_trough": 3,
        "weeks_since_crest": null,
        "projected_trough_window": 17,
        "projected_crest_window": null,
        "trough_window": {
          "start": 12,
          "midpoint": 17,
          "end": 22
        },
        "crest_window": null,
        "fld": {
          "value": 944.5,
          "state": "unconfirmed",
          "weeks_since_cross": null,
          "displacement": 10,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
        },
        "trough_indexes": [
          21
        ],
        "series": [
          {
            "date": "2026-02-20",
            "value": null
          },
          {
            "date": "2026-02-27",
            "value": null
          },
          {
            "date": "2026-03-06",
            "value": null
          },
          {
            "date": "2026-03-13",
            "value": null
          },
          {
            "date": "2026-03-20",
            "value": null
          },
          {
            "date": "2026-03-27",
            "value": null
          },
          {
            "date": "2026-04-03",
            "value": null
          },
          {
            "date": "2026-04-10",
            "value": null
          },
          {
            "date": "2026-04-17",
            "value": null
          },
          {
            "date": "2026-04-24",
            "value": null
          },
          {
            "date": "2026-05-01",
            "value": null
          },
          {
            "date": "2026-05-08",
            "value": null
          },
          {
            "date": "2026-05-15",
            "value": null
          },
          {
            "date": "2026-05-22",
            "value": null
          },
          {
            "date": "2026-05-29",
            "value": null
          },
          {
            "date": "2026-06-05",
            "value": null
          },
          {
            "date": "2026-06-12",
            "value": null
          },
          {
            "date": "2026-06-19",
            "value": null
          },
          {
            "date": "2026-06-26",
            "value": null
          },
          {
            "date": "2026-07-03",
            "value": -1.0
          },
          {
            "date": "2026-07-10",
            "value": -1.006201115794871
          },
          {
            "date": "2026-07-17",
            "value": -1.1764253612463162
          },
          {
            "date": "2026-07-24",
            "value": -1.0855302282157142
          },
          {
            "date": "2026-07-31",
            "value": -0.9092313741566529
          },
          {
            "date": "2026-08-07",
            "value": -0.664183678464707
          }
        ]
      },
      {
        "period": 40,
        "label": "40w",
        "estimated_period": 40,
        "period_range": [
          30,
          50
        ],
        "period_strength": 0,
        "phase": "warming",
        "value": null,
        "slope": 0.0,
        "amplitude": null,
        "weeks_since_trough": null,
        "weeks_since_crest": null,
        "projected_trough_window": null,
        "projected_crest_window": null,
        "trough_window": null,
        "crest_window": null,
        "fld": {
          "value": 951.5,
          "state": "unconfirmed",
          "weeks_since_cross": null,
          "displacement": 20,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
        },
        "trough_indexes": [],
        "series": [
          {
            "date": "2026-02-20",
            "value": null
          },
          {
            "date": "2026-02-27",
            "value": null
          },
          {
            "date": "2026-03-06",
            "value": null
          },
          {
            "date": "2026-03-13",
            "value": null
          },
          {
            "date": "2026-03-20",
            "value": null
          },
          {
            "date": "2026-03-27",
            "value": null
          },
          {
            "date": "2026-04-03",
            "value": null
          },
          {
            "date": "2026-04-10",
            "value": null
          },
          {
            "date": "2026-04-17",
            "value": null
          },
          {
            "date": "2026-04-24",
            "value": null
          },
          {
            "date": "2026-05-01",
            "value": null
          },
          {
            "date": "2026-05-08",
            "value": null
          },
          {
            "date": "2026-05-15",
            "value": null
          },
          {
            "date": "2026-05-22",
            "value": null
          },
          {
            "date": "2026-05-29",
            "value": null
          },
          {
            "date": "2026-06-05",
            "value": null
          },
          {
            "date": "2026-06-12",
            "value": null
          },
          {
            "date": "2026-06-19",
            "value": null
          },
          {
            "date": "2026-06-26",
            "value": null
          },
          {
            "date": "2026-07-03",
            "value": null
          },
          {
            "date": "2026-07-10",
            "value": null
          },
          {
            "date": "2026-07-17",
            "value": null
          },
          {
            "date": "2026-07-24",
            "value": null
          },
          {
            "date": "2026-07-31",
            "value": null
          },
          {
            "date": "2026-08-07",
            "value": null
          }
        ]
      },
      {
        "period": 80,
        "label": "80w",
        "estimated_period": 80,
        "period_range": [
          61,
          99
        ],
        "period_strength": 0,
        "phase": "warming",
        "value": null,
        "slope": 0.0,
        "amplitude": null,
        "weeks_since_trough": null,
        "weeks_since_crest": null,
        "projected_trough_window": null,
        "projected_crest_window": null,
        "trough_window": null,
        "crest_window": null,
        "fld": {
          "value": null,
          "state": "unconfirmed",
          "weeks_since_cross": null,
          "displacement": 40,
          "explanation": "Median price displaced forward by half the estimated wavelength; a price cross confirms a cyclic turn after it begins."
        },
        "vtl": {
          "available": false,
          "value": null,
          "state": "unavailable"
        },
        "trough_indexes": [],
        "series": [
          {
            "date": "2026-02-20",
            "value": null
          },
          {
            "date": "2026-02-27",
            "value": null
          },
          {
            "date": "2026-03-06",
            "value": null
          },
          {
            "date": "2026-03-13",
            "value": null
          },
          {
            "date": "2026-03-20",
            "value": null
          },
          {
            "date": "2026-03-27",
            "value": null
          },
          {
            "date": "2026-04-03",
            "value": null
          },
          {
            "date": "2026-04-10",
            "value": null
          },
          {
            "date": "2026-04-17",
            "value": null
          },
          {
            "date": "2026-04-24",
            "value": null
          },
          {
            "date": "2026-05-01",
            "value": null
          },
          {
            "date": "2026-05-08",
            "value": null
          },
          {
            "date": "2026-05-15",
            "value": null
          },
          {
            "date": "2026-05-22",
            "value": null
          },
          {
            "date": "2026-05-29",
            "value": null
          },
          {
            "date": "2026-06-05",
            "value": null
          },
          {
            "date": "2026-06-12",
            "value": null
          },
          {
            "date": "2026-06-19",
            "value": null
          },
          {
            "date": "2026-06-26",
            "value": null
          },
          {
            "date": "2026-07-03",
            "value": null
          },
          {
            "date": "2026-07-10",
            "value": null
          },
          {
            "date": "2026-07-17",
            "value": null
          },
          {
            "date": "2026-07-24",
            "value": null
          },
          {
            "date": "2026-07-31",
            "value": null
          },
          {
            "date": "2026-08-07",
            "value": null
          }
        ]
      }
    ],
    "composite": [
      {
        "date": "2026-02-20",
        "value": null
      },
      {
        "date": "2026-02-27",
        "value": null
      },
      {
        "date": "2026-03-06",
        "value": null
      },
      {
        "date": "2026-03-13",
        "value": null
      },
      {
        "date": "2026-03-20",
        "value": null
      },
      {
        "date": "2026-03-27",
        "value": null
      },
      {
        "date": "2026-04-03",
        "value": null
      },
      {
        "date": "2026-04-10",
        "value": null
      },
      {
        "date": "2026-04-17",
        "value": null
      },
      {
        "date": "2026-04-24",
        "value": -1.0
      },
      {
        "date": "2026-05-01",
        "value": -1.303974233587772
      },
      {
        "date": "2026-05-08",
        "value": 0.23200858880407593
      },
      {
        "date": "2026-05-15",
        "value": -0.496316222463731
      },
      {
        "date": "2026-05-22",
        "value": -1.0866297690944653
      },
      {
        "date": "2026-05-29",
        "value": -0.6009816174709772
      },
      {
        "date": "2026-06-05",
        "value": -1.9915063400802697
      },
      {
        "date": "2026-06-12",
        "value": -2.6638354466934233
      },
      {
        "date": "2026-06-19",
        "value": -2.8879451488978076
      },
      {
        "date": "2026-06-26",
        "value": -2.962648382965936
      },
      {
        "date": "2026-07-03",
        "value": -1.723077244786091
      },
      {
        "date": "2026-07-10",
        "value": -1.3823338482663567
      },
      {
        "date": "2026-07-17",
        "value": -1.4043643998671078
      },
      {
        "date": "2026-07-24",
        "value": -1.1405964680561005
      },
      {
        "date": "2026-07-31",
        "value": -0.767202953411899
      },
      {
        "date": "2026-08-07",
        "value": -0.2913241940924081
      }
    ]
  },
  "structure": {
    "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 877.00; Wave 2 873.00.",
          "hard": true
        }
      ],
      "guidelines": [
        {
          "label": "Wave 2 retracement is proportionate",
          "passed": true,
          "detail": "Retraced 94% of Wave 1.",
          "hard": false
        }
      ],
      "labels": [
        {
          "index": 17,
          "date": "2026-06-19",
          "price": 877.0,
          "kind": "high",
          "move_percent": 6.82095006090134,
          "weeks": 1,
          "confirmed": true,
          "label": "0"
        },
        {
          "index": 21,
          "date": "2026-07-17",
          "price": 815.0,
          "kind": "low",
          "move_percent": -7.069555302166477,
          "weeks": 4,
          "confirmed": true,
          "label": "1"
        },
        {
          "index": 24,
          "date": "2026-08-07",
          "price": 873.0,
          "kind": "high",
          "move_percent": 7.116564417177914,
          "weeks": 3,
          "confirmed": false,
          "label": "2"
        }
      ],
      "invalidation": 877.0,
      "confirmation": 815.0,
      "forming": true,
      "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
      "evidence_weight": 100
    },
    "alternates": [],
    "degrees": [
      {
        "key": "strategic",
        "label": "Strategic",
        "reversal_percent": 14.53656827329101,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Strategic degree uses a 14.5% weekly closing-price reversal threshold."
      },
      {
        "key": "primary",
        "label": "Primary",
        "reversal_percent": 9.085355170806881,
        "primary": null,
        "candidate_count": 0,
        "explanation": "Primary degree uses a 9.1% weekly closing-price reversal threshold."
      },
      {
        "key": "tactical",
        "label": "Tactical",
        "reversal_percent": 6.359748619564817,
        "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 877.00; Wave 2 873.00.",
              "hard": true
            }
          ],
          "guidelines": [
            {
              "label": "Wave 2 retracement is proportionate",
              "passed": true,
              "detail": "Retraced 94% of Wave 1.",
              "hard": false
            }
          ],
          "labels": [
            {
              "index": 17,
              "date": "2026-06-19",
              "price": 877.0,
              "kind": "high",
              "move_percent": 6.82095006090134,
              "weeks": 1,
              "confirmed": true,
              "label": "0"
            },
            {
              "index": 21,
              "date": "2026-07-17",
              "price": 815.0,
              "kind": "low",
              "move_percent": -7.069555302166477,
              "weeks": 4,
              "confirmed": true,
              "label": "1"
            },
            {
              "index": 24,
              "date": "2026-08-07",
              "price": 873.0,
              "kind": "high",
              "move_percent": 7.116564417177914,
              "weeks": 3,
              "confirmed": false,
              "label": "2"
            }
          ],
          "invalidation": 877.0,
          "confirmation": 815.0,
          "forming": true,
          "explanation": "A rule-valid motive interpretation. Fibonacci proportions and alternation improve the fit but are guidelines, not hard requirements.",
          "evidence_weight": 100
        },
        "candidate_count": 1,
        "explanation": "Tactical degree uses a 6.4% weekly closing-price reversal threshold."
      }
    ],
    "stability": {
      "score": 0,
      "changes": null,
      "observations": 0,
      "label": "Unavailable"
    },
    "method": "constraint-based Elliott candidate enumeration",
    "explanation": "Counts must pass hard Elliott geometry rules. Fibonacci relationships, alternation and cycle evidence rank admissible interpretations; evidence weights compare scenarios and are not forecast probabilities."
  },
  "scenario": {
    "setup": "warming",
    "title": "Needs more weekly history",
    "direction": "neutral",
    "confidence": 20,
    "labels": [],
    "notes": [
      "At least 65 weekly bars gives the wave and cycle model enough context."
    ],
    "metrics": {}
  },
  "detail": {
    "summary": "The closing-price swing map is classified as needs more weekly history. 0 of 3 available confirmation measures are constructive.",
    "returns": [
      {
        "weeks": 4,
        "label": "4-week return",
        "value": 2.3446658851113718
      },
      {
        "weeks": 13,
        "label": "13-week return",
        "value": -8.872651356993737
      },
      {
        "weeks": 26,
        "label": "26-week return",
        "value": null
      },
      {
        "weeks": 52,
        "label": "52-week return",
        "value": null
      }
    ],
    "range": {
      "high_52": 1042.0,
      "low_52": 797.0,
      "position_52": 31.020408163265305,
      "drawdown": -16.218809980806142
    },
    "risk": {
      "annualised_volatility": 29.274035015093535,
      "average_weekly_range": 5.533962490545605,
      "active_drawdown": -14.337018295429619
    },
    "levels": {
      "support": null,
      "resistance": null,
      "decisive": null,
      "decisive_label": "Nearest confirmed structure level",
      "trend": null,
      "fair_value": 904.564399,
      "trend_gap": null,
      "fair_value_gap": -3.48945846585324
    },
    "active_swing": {
      "from": null,
      "to": {
        "index": 24,
        "date": "2026-08-07",
        "price": 873.0,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": false
      },
      "move_percent": null,
      "weeks": 0,
      "status": "Forming"
    },
    "confirmation": {
      "rows": [
        {
          "label": "Trend",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The 30-week trend line is not available."
        },
        {
          "label": "Cycle pressure",
          "status": "negative",
          "value": "Falling",
          "explanation": "The medium-term pressure curve is not rising."
        },
        {
          "label": "Cycle alignment",
          "status": "neutral",
          "value": "Mixed",
          "explanation": "Cycle lengths are not moving in one clear direction."
        },
        {
          "label": "Relative strength",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "Market activity",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "Market dynamics",
          "status": "neutral",
          "value": "+0.0",
          "explanation": "The reading is neutral or unavailable."
        },
        {
          "label": "30-week momentum",
          "status": "neutral",
          "value": "Unavailable",
          "explanation": "The reading is neutral or unavailable."
        }
      ],
      "positive": 0,
      "negative": 1,
      "neutral": 2,
      "observed": 3,
      "agreement": 33,
      "direction": "defensive",
      "scenario_direction": "neutral"
    },
    "evidence": {
      "score": 21,
      "history_score": 10,
      "indicator_coverage": 38,
      "structure_score": 0,
      "weekly_observations": 25,
      "confirmed_pivots": 0
    },
    "volume_ratio": 58.44137911555072,
    "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 tactical count; cycle status is mixed.",
      "next": "A weekly close through 815.00, supported by an FLD cross and improving relative strength.",
      "wrong": "The underlying directional structure fails beyond 877.00; 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": 24,
      "constructive_count": 16,
      "constructive_percent": 67,
      "rising_cycle_count": 6,
      "rising_cycle_percent": 25,
      "horizons": [
        {
          "weeks": 4,
          "observations": 0,
          "positive_rate": null,
          "median_return": null,
          "average_return": null,
          "median_excess_return": null,
          "excess_observations": 0,
          "p10": null,
          "p90": null
        },
        {
          "weeks": 13,
          "observations": 0,
          "positive_rate": null,
          "median_return": null,
          "average_return": null,
          "median_excess_return": null,
          "excess_observations": 0,
          "p10": null,
          "p90": null
        },
        {
          "weeks": 26,
          "observations": 0,
          "positive_rate": null,
          "median_return": null,
          "average_return": null,
          "median_excess_return": null,
          "excess_observations": 0,
          "p10": null,
          "p90": null
        }
      ],
      "benchmark": "^N225",
      "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": 0.4581901489117984,
      "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": 25,
      "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 0.0% above the 30-week trend; large positive gaps increase snap-back vulnerability."
        },
        {
          "key": "range",
          "label": "Range position",
          "score": 0,
          "maximum": 15,
          "bar_width": 0,
          "explanation": "Price is 31% of the way through its 52-week low-to-high range."
        },
        {
          "key": "cycle",
          "label": "Cycle rollover",
          "score": 11,
          "maximum": 15,
          "bar_width": 73,
          "explanation": "Medium-term cycle pressure is falling."
        },
        {
          "key": "hurst",
          "label": "Multi-cycle risk",
          "score": 4,
          "maximum": 15,
          "bar_width": 25,
          "explanation": "Hurst risk alignment is 25/100."
        },
        {
          "key": "stability",
          "label": "Count instability",
          "score": 10,
          "maximum": 10,
          "bar_width": 100,
          "explanation": "The primary interpretation has unavailable recent stability."
        },
        {
          "key": "event",
          "label": "Event proximity",
          "score": 0,
          "maximum": 10,
          "bar_width": 0,
          "explanation": "No upcoming stored earnings date is available."
        }
      ],
      "warnings": [
        "Medium-term cycle pressure is falling.",
        "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": [
      "2026-02-20",
      "2026-02-27",
      "2026-03-06",
      "2026-03-13",
      "2026-03-20",
      "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",
      "2026-07-31",
      "2026-08-07"
    ],
    "close": [
      1000.0,
      1019.109985,
      947.0,
      952.0,
      956.0,
      893.0,
      913.0,
      941.0,
      919.0,
      943.0,
      922.0,
      958.0,
      913.0,
      908.0,
      926.0,
      880.0,
      821.0,
      877.0,
      818.0,
      862.0,
      853.0,
      815.0,
      845.0,
      860.0,
      873.0
    ],
    "trend": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null
    ],
    "sma30": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null
    ],
    "roc30": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null
    ],
    "drawdown": [
      0.0,
      0.0,
      -7.075780441892152,
      -6.585156262599081,
      -6.192656919164623,
      -12.374521578257331,
      -10.412024861085042,
      -7.664529457043839,
      -9.823275845933356,
      -7.46827978532661,
      -9.528901338357512,
      -5.996407247447394,
      -10.412024861085042,
      -10.902649040378114,
      -9.136401994923055,
      -13.650144444419318,
      -19.43950976007757,
      -13.94451895199516,
      -19.733884267653412,
      -15.416391489874377,
      -16.29951501260191,
      -20.028258775229254,
      -17.084513699470822,
      -15.612641161591606,
      -14.337018295429619
    ],
    "volatility": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      26.716296481579565,
      26.470591494195904,
      25.36347390552124,
      26.033492169183916,
      26.406117687432534,
      25.371594087180487,
      24.942334698662965,
      25.408960565885018,
      26.68370531372083,
      29.211127755028503,
      30.091006837209243,
      31.048912237133546,
      30.26800364907493,
      30.09528559031005,
      30.191406979538954,
      29.74663106618282,
      29.274035015093535
    ],
    "volumeRatio": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      59.970867244180795,
      47.87772127749826,
      41.450065931959074,
      96.74826451571079,
      82.57869150281356,
      69.68464541013056,
      9.575913857028425,
      8.738735088862743,
      18.83899894571753,
      12.014612801242713,
      5.280163022724802,
      84.15048340215144,
      65.25772668178281,
      43.245298764516825,
      77.41001591038466,
      58.44137911555072
    ],
    "fairValue": [
      1000.0,
      1009.554993,
      988.703328,
      979.527496,
      974.821997,
      961.184998,
      954.301426,
      952.638748,
      948.901109,
      948.310999,
      945.91909,
      946.925832,
      944.316153,
      941.722142,
      940.673999,
      936.881874,
      930.065293,
      927.117221,
      921.37421,
      918.405499,
      915.290952,
      910.732272,
      907.874347,
      905.879583,
      904.564399
    ],
    "marketActivity": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null
    ],
    "marketDynamics": [
      null,
      null,
      null,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0,
      0.0
    ],
    "relativeStrength": [
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null,
      null
    ],
    "cycle": [
      {
        "date": "2026-02-20",
        "value": null
      },
      {
        "date": "2026-02-27",
        "value": null
      },
      {
        "date": "2026-03-06",
        "value": null
      },
      {
        "date": "2026-03-13",
        "value": 0.0
      },
      {
        "date": "2026-03-20",
        "value": 0.0
      },
      {
        "date": "2026-03-27",
        "value": 0.0
      },
      {
        "date": "2026-04-03",
        "value": 0.0
      },
      {
        "date": "2026-04-10",
        "value": 0.0
      },
      {
        "date": "2026-04-17",
        "value": 0.0
      },
      {
        "date": "2026-04-24",
        "value": 0.0
      },
      {
        "date": "2026-05-01",
        "value": 0.0
      },
      {
        "date": "2026-05-08",
        "value": 0.0
      },
      {
        "date": "2026-05-15",
        "value": 0.0
      },
      {
        "date": "2026-05-22",
        "value": 0.0
      },
      {
        "date": "2026-05-29",
        "value": 0.0
      },
      {
        "date": "2026-06-05",
        "value": 0.0
      },
      {
        "date": "2026-06-12",
        "value": 0.0
      },
      {
        "date": "2026-06-19",
        "value": 0.0
      },
      {
        "date": "2026-06-26",
        "value": 0.0
      },
      {
        "date": "2026-07-03",
        "value": -1.535419248253155
      },
      {
        "date": "2026-07-10",
        "value": -3.128502745849965
      },
      {
        "date": "2026-07-17",
        "value": -5.510974855524163
      },
      {
        "date": "2026-07-24",
        "value": -6.92738568443848
      },
      {
        "date": "2026-07-31",
        "value": -6.265837277233408
      },
      {
        "date": "2026-08-07",
        "value": -5.067342280200296
      }
    ],
    "hurstComposite": [
      {
        "date": "2026-02-20",
        "value": null
      },
      {
        "date": "2026-02-27",
        "value": null
      },
      {
        "date": "2026-03-06",
        "value": null
      },
      {
        "date": "2026-03-13",
        "value": null
      },
      {
        "date": "2026-03-20",
        "value": null
      },
      {
        "date": "2026-03-27",
        "value": null
      },
      {
        "date": "2026-04-03",
        "value": null
      },
      {
        "date": "2026-04-10",
        "value": null
      },
      {
        "date": "2026-04-17",
        "value": null
      },
      {
        "date": "2026-04-24",
        "value": -1.0
      },
      {
        "date": "2026-05-01",
        "value": -1.303974233587772
      },
      {
        "date": "2026-05-08",
        "value": 0.23200858880407593
      },
      {
        "date": "2026-05-15",
        "value": -0.496316222463731
      },
      {
        "date": "2026-05-22",
        "value": -1.0866297690944653
      },
      {
        "date": "2026-05-29",
        "value": -0.6009816174709772
      },
      {
        "date": "2026-06-05",
        "value": -1.9915063400802697
      },
      {
        "date": "2026-06-12",
        "value": -2.6638354466934233
      },
      {
        "date": "2026-06-19",
        "value": -2.8879451488978076
      },
      {
        "date": "2026-06-26",
        "value": -2.962648382965936
      },
      {
        "date": "2026-07-03",
        "value": -1.723077244786091
      },
      {
        "date": "2026-07-10",
        "value": -1.3823338482663567
      },
      {
        "date": "2026-07-17",
        "value": -1.4043643998671078
      },
      {
        "date": "2026-07-24",
        "value": -1.1405964680561005
      },
      {
        "date": "2026-07-31",
        "value": -0.767202953411899
      },
      {
        "date": "2026-08-07",
        "value": -0.2913241940924081
      }
    ],
    "hurstCycles": {
      "10": [
        {
          "date": "2026-02-20",
          "value": null
        },
        {
          "date": "2026-02-27",
          "value": null
        },
        {
          "date": "2026-03-06",
          "value": null
        },
        {
          "date": "2026-03-13",
          "value": null
        },
        {
          "date": "2026-03-20",
          "value": null
        },
        {
          "date": "2026-03-27",
          "value": null
        },
        {
          "date": "2026-04-03",
          "value": null
        },
        {
          "date": "2026-04-10",
          "value": null
        },
        {
          "date": "2026-04-17",
          "value": null
        },
        {
          "date": "2026-04-24",
          "value": -1.0
        },
        {
          "date": "2026-05-01",
          "value": -1.303974233587772
        },
        {
          "date": "2026-05-08",
          "value": 0.23200858880407593
        },
        {
          "date": "2026-05-15",
          "value": -0.4963162224637311
        },
        {
          "date": "2026-05-22",
          "value": -1.0866297690944653
        },
        {
          "date": "2026-05-29",
          "value": -0.6009816174709772
        },
        {
          "date": "2026-06-05",
          "value": -1.9915063400802697
        },
        {
          "date": "2026-06-12",
          "value": -2.6638354466934233
        },
        {
          "date": "2026-06-19",
          "value": -2.8879451488978076
        },
        {
          "date": "2026-06-26",
          "value": -2.962648382965936
        },
        {
          "date": "2026-07-03",
          "value": -2.8076931119652278
        },
        {
          "date": "2026-07-10",
          "value": -1.9465329469735861
        },
        {
          "date": "2026-07-17",
          "value": -1.7462729577982958
        },
        {
          "date": "2026-07-24",
          "value": -1.2231958278166801
        },
        {
          "date": "2026-07-31",
          "value": -0.5541603222947684
        },
        {
          "date": "2026-08-07",
          "value": 0.2679650324660402
        }
      ],
      "20": [
        {
          "date": "2026-02-20",
          "value": null
        },
        {
          "date": "2026-02-27",
          "value": null
        },
        {
          "date": "2026-03-06",
          "value": null
        },
        {
          "date": "2026-03-13",
          "value": null
        },
        {
          "date": "2026-03-20",
          "value": null
        },
        {
          "date": "2026-03-27",
          "value": null
        },
        {
          "date": "2026-04-03",
          "value": null
        },
        {
          "date": "2026-04-10",
          "value": null
        },
        {
          "date": "2026-04-17",
          "value": null
        },
        {
          "date": "2026-04-24",
          "value": null
        },
        {
          "date": "2026-05-01",
          "value": null
        },
        {
          "date": "2026-05-08",
          "value": null
        },
        {
          "date": "2026-05-15",
          "value": null
        },
        {
          "date": "2026-05-22",
          "value": null
        },
        {
          "date": "2026-05-29",
          "value": null
        },
        {
          "date": "2026-06-05",
          "value": null
        },
        {
          "date": "2026-06-12",
          "value": null
        },
        {
          "date": "2026-06-19",
          "value": null
        },
        {
          "date": "2026-06-26",
          "value": null
        },
        {
          "date": "2026-07-03",
          "value": -1.0
        },
        {
          "date": "2026-07-10",
          "value": -1.006201115794871
        },
        {
          "date": "2026-07-17",
          "value": -1.1764253612463162
        },
        {
          "date": "2026-07-24",
          "value": -1.0855302282157142
        },
        {
          "date": "2026-07-31",
          "value": -0.9092313741566529
        },
        {
          "date": "2026-08-07",
          "value": -0.664183678464707
        }
      ],
      "40": [
        {
          "date": "2026-02-20",
          "value": null
        },
        {
          "date": "2026-02-27",
          "value": null
        },
        {
          "date": "2026-03-06",
          "value": null
        },
        {
          "date": "2026-03-13",
          "value": null
        },
        {
          "date": "2026-03-20",
          "value": null
        },
        {
          "date": "2026-03-27",
          "value": null
        },
        {
          "date": "2026-04-03",
          "value": null
        },
        {
          "date": "2026-04-10",
          "value": null
        },
        {
          "date": "2026-04-17",
          "value": null
        },
        {
          "date": "2026-04-24",
          "value": null
        },
        {
          "date": "2026-05-01",
          "value": null
        },
        {
          "date": "2026-05-08",
          "value": null
        },
        {
          "date": "2026-05-15",
          "value": null
        },
        {
          "date": "2026-05-22",
          "value": null
        },
        {
          "date": "2026-05-29",
          "value": null
        },
        {
          "date": "2026-06-05",
          "value": null
        },
        {
          "date": "2026-06-12",
          "value": null
        },
        {
          "date": "2026-06-19",
          "value": null
        },
        {
          "date": "2026-06-26",
          "value": null
        },
        {
          "date": "2026-07-03",
          "value": null
        },
        {
          "date": "2026-07-10",
          "value": null
        },
        {
          "date": "2026-07-17",
          "value": null
        },
        {
          "date": "2026-07-24",
          "value": null
        },
        {
          "date": "2026-07-31",
          "value": null
        },
        {
          "date": "2026-08-07",
          "value": null
        }
      ],
      "80": [
        {
          "date": "2026-02-20",
          "value": null
        },
        {
          "date": "2026-02-27",
          "value": null
        },
        {
          "date": "2026-03-06",
          "value": null
        },
        {
          "date": "2026-03-13",
          "value": null
        },
        {
          "date": "2026-03-20",
          "value": null
        },
        {
          "date": "2026-03-27",
          "value": null
        },
        {
          "date": "2026-04-03",
          "value": null
        },
        {
          "date": "2026-04-10",
          "value": null
        },
        {
          "date": "2026-04-17",
          "value": null
        },
        {
          "date": "2026-04-24",
          "value": null
        },
        {
          "date": "2026-05-01",
          "value": null
        },
        {
          "date": "2026-05-08",
          "value": null
        },
        {
          "date": "2026-05-15",
          "value": null
        },
        {
          "date": "2026-05-22",
          "value": null
        },
        {
          "date": "2026-05-29",
          "value": null
        },
        {
          "date": "2026-06-05",
          "value": null
        },
        {
          "date": "2026-06-12",
          "value": null
        },
        {
          "date": "2026-06-19",
          "value": null
        },
        {
          "date": "2026-06-26",
          "value": null
        },
        {
          "date": "2026-07-03",
          "value": null
        },
        {
          "date": "2026-07-10",
          "value": null
        },
        {
          "date": "2026-07-17",
          "value": null
        },
        {
          "date": "2026-07-24",
          "value": null
        },
        {
          "date": "2026-07-31",
          "value": null
        },
        {
          "date": "2026-08-07",
          "value": null
        }
      ]
    },
    "pivots": [
      {
        "index": 24,
        "date": "2026-08-07",
        "price": 873.0,
        "kind": "low",
        "move_percent": null,
        "weeks": 0,
        "confirmed": false
      }
    ],
    "labels": []
  }
}