{"schema_version":"1.0","name":"IRN3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"189f9082-8315-4992-b5de-4052b3bd4281","symbol":"IRN3","name":"Leverage Shares 3x Long IREN ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Completed returns and cumulative progression, Range expansion and closing direction, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range pressure and compression."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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","2026-08-14","2026-08-21"],"values":[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],"opens":[3.59514,4.693,5.9775,10.33,13.225,11.545,18.25,10.905,14.15,13.955,9.0325,11.0,5.2075,2.964,3.059,1.523,1.522,2.047,1.42,1.873,2.266],"highs":[4.68802,6.91,12.92,15.685,13.26,23.395,18.535,14.275,20.77,15.035,11.595,11.0,5.2075,3.343,3.162,1.723,2.975,2.053,1.927,2.781,2.35],"lows":[3.59514,4.036,5.9775,10.3,7.2525,11.29,11.54,7.31,14.07,9.775,8.7625,10.5,4.374,2.913,2.7,1.291,1.522,0.817,1.282,1.498,1.54],"closes":[4.68802,7.20375,11.435,13.4275,9.70625,18.9575,11.9625,13.3075,17.355,9.775,11.4875,10.9775,4.964,3.147,2.834,1.4675,2.1615,1.2325,1.522,2.089,1.667],"hoverRows":[[{"label":"Open","value":"3.60","className":"is-ohlc","compact":true},{"label":"High","value":"4.69","className":"is-ohlc","compact":true},{"label":"Low","value":"3.60","className":"is-ohlc","compact":true},{"label":"Close","value":"4.69","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.05","className":"is-ohlc","compact":true},{"label":"High","value":"2.05","className":"is-ohlc","compact":true},{"label":"Low","value":"0.82","className":"is-ohlc","compact":true},{"label":"Close","value":"1.23","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1.42","className":"is-ohlc","compact":true},{"label":"High","value":"1.93","className":"is-ohlc","compact":true},{"label":"Low","value":"1.28","className":"is-ohlc","compact":true},{"label":"Close","value":"1.52","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1.87","className":"is-ohlc","compact":true},{"label":"High","value":"2.78","className":"is-ohlc","compact":true},{"label":"Low","value":"1.50","className":"is-ohlc","compact":true},{"label":"Close","value":"2.09","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.27","className":"is-ohlc","compact":true},{"label":"High","value":"2.35","className":"is-ohlc","compact":true},{"label":"Low","value":"1.54","className":"is-ohlc","compact":true},{"label":"Close","value":"1.67","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[0.169,20.021],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","tone":"neutral"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Accumulation zone","detail":"Price is in the lower accumulation area. With limited Market Dynamics history, the zone describes location rather than a completed positioning signal.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":18.9575}],"reversal_dangers":[{"date":"2026-05-15","price":11.9625}]}},"smTape":{"available":true,"dates":["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","2026-08-14","2026-08-21"],"close":[4.688,7.2038,11.435,13.4275,9.7063,18.9575,11.9625,13.3075,17.355,9.775,11.4875,10.9775,4.964,3.147,2.834,1.4675,2.1615,1.2325,1.522,2.089,1.667],"consensus":[100.0,100.0,57.22,16.156,39.5649,69.7733,-9.9623,39.3821,65.8814,-50.7588,22.5244,0.0,-53.3849,-48.3541,-46.2281,-56.0891,-24.487,-47.3028,-28.0363,-12.5782,-38.0167],"supportDates":["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","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,70.975,-27.2877,35.7346,53.1284,-45.2011,30.7652,0.0,-40.3659,-37.9682,-42.1234,-44.0316,-24.2269,-45.6596,-30.6002,-19.5487,-43.7499],"force":[100.0,100.0,57.22,16.156,25.3122,49.1848,-43.2375,54.063,78.4655,-77.5009,37.1239,0.0,-54.0164,-34.9517,-19.048,-52.2234,-15.7682,-42.7613,-3.3548,-22.7921,-28.9401],"direction":[null,null,null,null,85.9057,83.1061,-33.6062,33.0643,71.4677,-38.0089,2.6781,0.0,-67.8126,-69.7969,-70.3337,-72.6303,-53.538,-52.4247,-47.5282,-29.8764,-37.9477],"intensity":[null,null,null,null,50.0,100.0,83.3333,42.8571,75.0,88.8889,20.0,9.0909,66.6667,15.3846,7.1429,13.3333,12.5,11.7647,11.1111,15.7895,10.0],"confirmation":[54.6667,54.6667,40.9771,27.8366,17.7949,89.6817,33.774,81.1053,89.6599,85.1425,52.8605,3.253,85.3008,83.2231,82.0272,86.0144,32.6435,83.0235,54.0249,30.3698,55.0],"persistence":[null,null,100.0,100.0,100.0,100.0,71.4286,75.0,75.0,50.0,50.0,37.5,12.5,12.5,12.5,37.5,62.5,62.5,87.5,100.0,100.0],"assessmentRisk":[null,null,null,null,26.8507,14.7587,9.9528,20.9164,13.4103,21.6583,15.993,23.2251,22.6564,20.0047,24.4313,20.4969,15.5709,3.1334,4.543,16.6086,10.5881],"volumeParticipation":true,"latest":{"consensus":-38.0,"control":-43.7,"force":-28.9,"direction":-37.9,"confirmation":55.0,"persistence":100.0,"assessmentRisk":10.6,"intensity":10.0,"evidenceDepth":81},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-38.0","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-43.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-28.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-37.9","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"55.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"165.1%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"4%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend 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