GER · EQUITY · ENHANCED MARKET DYNAMICS

NWT

Wells Fargo & Company

DE · Financial Services · Banks - Diversified

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EMD SCORE64/100

CURRENT COMPLETED-WEEK READ

Constructive

The balance of evidence is supportive, with some confirmation still incomplete. Conditions remain positive, but momentum has eased.

Constructive fade50% directional agreement84/100 evidence quality6/6 sources available

Completed week: 9 Oct 2026
Latest close: EUR 74.17
Evidence: 156 weeks

Four-week EMD change-28.9 pts

signed chart scale −100 to +100

Four-week price-4.6%

completed closing prices

Current directional run18 weeks

on the same side of EMD zero

Recent consistency13/13

recent readings above zero

COMPLETED-WEEK OVERVIEW

Price and market conditions over time

3 supportive · 0 cautious

Enhanced Market Dynamics and the price cycle156 completed weeks · bars use the left EMD axis; price uses the right axis.

20 Oct 2023–9 Oct 2026

Constructive EMDCautious EMDCompleted-week priceUp-cycle confirmationDown-cycle confirmation

Confirmation markers describe price-zone departures within this saved history. Earlier markers can change as the history changes; they are not a record of signals available in real time.

Cycle position 90%Current EMD +27.14-week EMD change -28.9Full saved history price range EUR 34.24–81.30

View chart values · 156 observations

Week	Close · EUR	EMD −100 to +100	Score /100	Agreement %	Coverage %
2023-10-20	36.81	33.0	67	60	83
2023-10-27	34.24	2.54	51	33	83
2023-11-03	36.22	21.99	61	50	83
2023-11-10	35.57	8.77	54	20	100
2023-11-17	36.74	19.52	60	60	100
2023-11-24	36.76	22.57	61	50	100
2023-12-01	38.75	44.82	72	100	100
2023-12-08	39.96	60.76	80	100	100
2023-12-15	43.46	83.53	92	100	100
2023-12-22	42.17	50.59	75	67	100
2023-12-29	41.99	71.91	86	100	100
2024-01-05	42.05	62.54	81	100	100
2024-01-12	40.81	28.35	64	60	100
2024-01-19	40.72	57.11	79	100	100
2024-01-26	43.31	74.47	87	100	100
2024-02-02	42.71	49.16	75	67	100
2024-02-09	41.67	43.43	72	67	100
2024-02-16	45.33	75.23	88	100	100
2024-02-23	46.82	80.47	90	100	100
2024-03-01	48.32	80.61	90	100	100
2024-03-08	49.40	80.66	90	100	100
2024-03-15	50.02	75.82	88	100	100
2024-03-22	50.09	77.97	89	100	100
2024-03-29	50.60	72.95	86	100	100
2024-04-05	49.87	68.62	84	100	100
2024-04-12	50.11	75.62	88	100	100
2024-04-19	53.59	81.74	91	100	100
2024-04-26	52.82	61.72	81	67	100
2024-05-03	52.53	73.1	87	100	100
2024-05-10	54.40	78.33	89	100	100
2024-05-17	53.41	59.55	80	67	100
2024-05-24	52.56	56.01	78	67	100
2024-05-31	51.92	58.78	79	100	100
2024-06-07	51.25	46.96	73	100	100
2024-06-14	51.13	45.34	73	100	100
2024-06-21	51.57	37.55	69	60	100
2024-06-28	52.31	49.17	75	67	100
2024-07-05	51.98	34.57	67	60	100
2024-07-12	48.85	9.9	55	20	100
2024-07-19	51.78	35.98	68	67	100
2024-07-26	52.55	35.43	68	67	100
2024-08-02	48.91	10.61	55	20	100
2024-08-09	46.07	1.31	51	20	100
2024-08-16	48.01	-6.33	47	33	100
2024-08-23	49.02	0.2	50	0	100
2024-08-30	50.19	4.6	52	33	100
2024-09-06	50.61	7.2	54	20	100
2024-09-13	45.12	-32.53	34	67	100
2024-09-20	47.96	2.13	51	20	100
2024-09-27	48.31	-4.59	48	20	100
2024-10-04	49.36	1.54	51	20	100
2024-10-11	53.36	31.38	66	60	100
2024-10-18	56.82	52.98	76	100	100
2024-10-25	57.41	51.01	76	100	100
2024-11-01	57.48	51.57	76	100	100
2024-11-08	62.85	78.56	89	100	100
2024-11-15	67.20	89.34	95	100	100
2024-11-22	69.71	88.57	94	100	100
2024-11-29	70.43	63.59	82	67	100
2024-12-06	67.70	63.05	82	67	100
2024-12-13	64.84	63.67	82	100	100
2024-12-20	65.47	68.04	84	100	100
2024-12-27	65.76	63.07	82	100	100
2025-01-03	66.15	65.17	83	100	100
2025-01-10	65.71	61.54	81	100	100
2025-01-17	71.32	79.19	90	100	100
2025-01-24	71.11	58.97	79	67	100
2025-01-31	73.23	72.27	86	100	100
2025-02-07	75.65	74.03	87	100	100
2025-02-14	73.50	51.82	76	67	100
2025-02-21	73.19	48.69	74	67	100
2025-02-28	72.59	61.04	81	100	100
2025-03-07	63.64	4.94	52	0	100
2025-03-14	62.71	12.88	56	50	100
2025-03-21	64.59	9.09	55	0	100
2025-03-28	62.90	0.96	50	0	100
2025-04-04	53.86	-32.74	34	67	100
2025-04-11	51.60	-33.99	33	67	100
2025-04-18	55.65	-27.77	36	60	100
2025-04-25	59.26	-20.0	40	33	100
2025-05-02	62.98	-10.29	45	20	100
2025-05-09	62.56	-15.62	42	20	100
2025-05-16	66.58	-1.26	49	0	100
2025-05-23	62.50	-22.19	39	60	100
2025-05-30	63.68	-12.28	44	20	100
2025-06-06	65.08	-6.08	47	20	100
2025-06-13	61.82	-23.95	38	60	100
2025-06-20	64.05	3.45	52	20	100
2025-06-27	66.53	9.13	55	33	100
2025-07-04	68.42	22.68	61	100	100
2025-07-11	68.56	21.44	61	50	100
2025-07-18	67.03	10.38	55	0	100
2025-07-25	69.95	46.37	73	100	100
2025-08-01	65.96	7.04	54	0	100
2025-08-08	65.55	6.48	53	20	100
2025-08-15	65.57	0.24	50	0	100
2025-08-22	66.22	4.46	52	20	100
2025-08-29	69.15	33.83	67	100	100
2025-09-05	66.35	14.02	57	20	100
2025-09-12	67.92	27.16	64	50	100
2025-09-19	70.26	49.68	75	100	100
2025-09-26	71.46	47.24	74	100	100
2025-10-03	67.37	16.24	58	33	100
2025-10-10	66.94	15.11	58	33	100
2025-10-17	70.11	37.75	69	100	100
2025-10-24	73.19	56.22	78	100	100
2025-10-31	73.76	57.1	79	100	100
2025-11-07	71.95	44.26	72	67	100
2025-11-14	72.07	43.53	72	67	100
2025-11-21	71.17	48.51	74	100	100
2025-11-28	73.63	66.45	83	100	100
2025-12-05	76.54	72.26	86	100	100
2025-12-12	78.11	69.87	85	100	100
2025-12-19	77.82	67.98	84	100	100
2025-12-26	79.21	73.46	87	100	100
2026-01-02	78.97	57.72	79	67	100
2026-01-09	81.30	68.87	84	100	100
2026-01-16	75.76	33.25	67	67	100
2026-01-23	72.60	24.18	62	50	100
2026-01-30	74.98	42.54	71	100	100
2026-02-06	79.00	55.27	78	100	100
2026-02-13	72.70	11.73	56	20	100
2026-02-20	73.92	25.47	63	60	100
2026-02-27	68.84	-6.75	47	50	100
2026-03-06	68.50	-10.67	45	50	100
2026-03-13	65.48	-26.86	37	67	100
2026-03-20	66.53	-8.08	46	0	100
2026-03-27	67.00	-13.38	43	33	100
2026-04-03	69.13	0.81	50	20	100
2026-04-10	72.35	2.6	51	20	100
2026-04-17	68.67	-20.13	40	60	100
2026-04-24	67.71	-21.85	39	60	100
2026-05-01	69.36	-14.49	43	50	100
2026-05-08	65.29	-41.63	29	67	100
2026-05-15	63.02	-41.67	29	67	100
2026-05-22	65.80	-23.32	38	33	100
2026-05-29	66.27	-30.6	35	60	100
2026-06-05	71.15	-4.6	48	0	100
2026-06-12	72.41	3.64	52	0	100
2026-06-19	72.71	6.24	53	33	83
2026-06-26	74.27	19.95	60	100	100
2026-07-03	74.34	16.02	58	50	83
2026-07-10	75.47	24.76	62	100	100
2026-07-17	76.90	40.91	70	100	100
2026-07-24	75.77	31.07	66	100	100
2026-07-31	74.50	29.98	65	100	100
2026-08-07	74.97	30.63	65	60	100
2026-08-14	76.37	34.24	67	60	100
2026-08-21	71.85	23.17	62	60	83
2026-08-28	74.39	36.06	68	67	100
2026-09-04	76.64	40.3	70	100	100
2026-09-11	77.78	55.96	78	100	100
2026-09-18	75.16	23.14	62	60	100
2026-09-25	72.31	11.37	56	33	100
2026-10-02	71.21	9.28	55	20	100
2026-10-09	74.17	27.1	64	50	100

SIX SOURCES · LAST 26 OBSERVATIONS

Is support broadening or thinning?

Green is supportive, rose is cautious.
Grey means the reading is unavailable.

Reading	17 Apr	24 Apr	1 May	8 May	15 May	22 May	29 May	5 Jun	12 Jun	19 Jun	26 Jun	3 Jul	10 Jul	17 Jul	24 Jul	31 Jul	7 Aug	14 Aug	21 Aug	28 Aug	4 Sep	11 Sep	18 Sep	25 Sep	2 Oct	9 Oct
Trend	13	10	16	5	3	7	8	29	36	37	45	46	51	56	53	49	86	91	71	84	92	94	87	73	66	80
Momentum	54	51	48	28	31	39	41	68	76	73	75	67	65	74	70	66	70	74	61	71	73	72	73	56	49	54
Underlying pressure	23	24	24	22	22	22	21	28	38	51	67	75	79	82	82	82	79	78	73	71	74	76	77	70	56	44
Price & volume	39	38	55	24	29	70	50	54	54	—	49	—	48	68	52	70	49	48	—	76	46	75	0	18	44	79
Relative strength	33	36	42	21	17	18	18	45	53	48	62	44	61	71	61	45	37	42	25	30	49	62	53	36	33	50
Modeled Trend	70	68	65	62	61	58	58	58	58	59	61	65	69	71	75	79	82	84	85	86	87	88	89	89	89	88

Each cell is a finished component score from 0–100. Components can disagree even when the combined reading stays positive.

STRONGEST CURRENT SOURCE

Modeled Trend

88/100

LEAST SUPPORTIVE SOURCE

Underlying pressure

44/100

WHAT WOULD CHANGE THE READ?

Three paths to keep in view

Conditional research scenarios.
No assumed price target or timing.

Continuation

Price and evidence stay together

Look for the current direction to hold across trend, pressure and relative strength. A rising price with weaker EMD is a less convincing continuation.

Change of direction

Watch for loss of support

If price keeps rising while EMD falls, inspect which readings are weakening. Broad deterioration matters more than a single soft week.

Cycle context

A range extreme is a location

An upper zone can persist during a strong advance; a lower zone can persist during a decline. Use departures, EMD direction and the related price charts together.

EARLIER COMPARABLE READINGS

What followed similar conditions?

Same ticker · similar score and direction of change.
Returns exclude costs and dividends.

4 WEEKS LATER+1.4%

Median price return · 11 non-overlapping examples

Observed range: -13.8% to +9.4%
Positive returns: 55%
All-period comparison: +1.2% median

13 WEEKS LATER+1.3%

Median price return · 4 non-overlapping examples

Observed range: -14.6% to +11.8%
Positive returns: 50%
All-period comparison: +0.9% median

How these comparisons are selected

Earlier observations must have the same constructive/fading/repair/deterioration condition, a score within ten points of today’s score and at least the same component coverage. The first 30 observations are omitted for warm-up; examples are spaced by the forward horizon to avoid overlap. Gapped return windows are excluded. The all-period comparison uses the same available history and spacing, without matching the current state. These are reconstructed observations, not a point-in-time strategy backtest or a forecast.

RECENT CYCLE HISTORY

How the current reading developed

25 Sep 2026Down-cycle confirmedEUR 72.31

21 Aug 2026Down-cycle confirmedEUR 71.85

27 Feb 2026Down-cycle confirmedEUR 68.84

8 Aug 2025Down-cycle confirmedEUR 65.55

7 Mar 2025Down-cycle confirmedEUR 63.64

12 Jul 2024Down-cycle confirmedEUR 48.85

7 Jun 2024Down-cycle confirmedEUR 51.25

12 Apr 2024Upper cycle zone confirmedEUR 50.11

THE FULL PRICE CYCLE

Follow the journey from one zone to the other

Cycle states use trailing completed-week observations.

Lower zone

Price establishes residence near the bottom of its long-cycle range. Improving EMD separates early repair from continued deterioration.

Upward journey

Price leaves the lower zone while EMD confirms improving participation. The objective is the broader move toward the upper zone, not a short weekly trade.

Upper zone

Price establishes residence near the top of its long-cycle range. A high range position can persist. Watch EMD for exhaustion and loss of support before interpreting it as a turn.

Downward journey

Price leaves the upper zone while EMD weakens. The reverse cycle remains active until lower-zone residence is confirmed again.

CURRENT READINGS