{"schema_version":"1.0","name":"AMI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1f45b198-9543-4b5e-9dfa-83d43b9c68ed","symbol":"AMI","name":"Friends S.p.A.","exchange":"MIL","country":"IT","asset_type":"equity","currency":"EUR","sector":"Communication Services","industry":"Entertainment"},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains downward.","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, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression, Directional strength and control."},{"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":54,"displayedObservations":54,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.6,"sample":2},{"week":2,"averageReturn":-2.2,"sample":2},{"week":3,"averageReturn":-3.5,"sample":2},{"week":4,"averageReturn":-5.1,"sample":1},{"week":5,"averageReturn":-3.2,"sample":1},{"week":6,"averageReturn":-7.0,"sample":1},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":25.4,"averageExpectedMove":25.4,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-10.7,"medianReturn":-10.7,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-23.4,"medianReturn":-23.4,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-20.0,"sample":1},{"week":2,"averageReturn":-16.1,"sample":1},{"week":3,"averageReturn":-9.8,"sample":1},{"week":4,"averageReturn":-10.7,"sample":1},{"week":5,"averageReturn":-5.9,"sample":1},{"week":6,"averageReturn":-9.8,"sample":1},{"week":7,"averageReturn":-9.8,"sample":1},{"week":8,"averageReturn":-17.6,"sample":1},{"week":9,"averageReturn":-22.0,"sample":1},{"week":10,"averageReturn":-25.4,"sample":1},{"week":11,"averageReturn":-21.0,"sample":1},{"week":12,"averageReturn":-23.4,"sample":1},{"week":13,"averageReturn":-26.8,"sample":1},{"week":14,"averageReturn":-22.9,"sample":1},{"week":15,"averageReturn":-24.4,"sample":1},{"week":16,"averageReturn":-26.8,"sample":1},{"week":17,"averageReturn":-25.9,"sample":1},{"week":18,"averageReturn":-26.8,"sample":1},{"week":19,"averageReturn":-25.4,"sample":1},{"week":20,"averageReturn":-28.3,"sample":1},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Countertrend conflict","tone":"caution","headline":"Price and Market Dynamics remain aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","confirm":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"accumulation","zoneContext":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price structure is downward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Capital protection","title":"Treat agreement on the downside as a defensive condition","tone":"negative","approach":"Reduce the burden of proof for risk control and raise it for new long exposure. A short position still needs a defined entry, exit and maximum loss.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 1.2 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 4.8% across 2 completed cases, with the largest move arriving after 2.0 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."},{"eyebrow":"Position management","title":"Size for the path, not only the eventual long reward","tone":"positive","finding":"Across 1 completed accumulation cycles, the average gross long opportunity was 50.7%, while the average adverse move was 0.0%.","approach":"Scale exposure only as confirmation improves, and keep enough risk capacity to survive the ticker's observed adverse path.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-03-13","price":1.61}],"reversal_warnings":[{"date":"2026-04-03","price":2.05}],"reversal_dangers":[{"date":"2026-04-10","price":1.64}]}},"smTape":{"available":true,"dates":["2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","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","2026-08-14","2026-08-21"],"close":[2.159,1.5302,1.218,1.2518,1.208,1.186,1.1902,1.21,1.2002,1.22,1.195,1.23,1.21,1.225,1.21,1.195,1.23,1.23,1.25,1.3,1.3,1.32,1.255,1.26,1.265,1.21,1.315,1.355,1.36,1.42,1.61,1.59,1.74,2.05,1.64,1.72,1.85,1.83,1.93,1.85,1.85,1.69,1.6,1.53,1.62,1.57,1.5,1.58,1.55,1.5,1.52,1.5,1.53,1.47],"consensus":[100.0,-92.3544,-72.5453,19.2635,-55.5243,-35.5737,-23.0845,0.0,-29.1,-9.3127,-24.6461,-8.0103,-19.5343,0.0,0.0,-19.0015,9.2092,0.0,0.0,10.399,0.0,21.1878,-12.0405,0.0,0.0,-33.159,31.344,24.2398,9.9087,44.7596,68.8485,30.6665,72.5948,82.4827,-23.9527,41.7366,52.2341,16.7694,55.7813,15.5194,21.3041,-33.1608,-17.7558,-46.3183,0.0,-12.0444,-32.2003,0.0,-20.746,-41.5336,0.0,-21.6431,0.0,-28.4669],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","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","2026-08-14","2026-08-21"],"control":[null,null,null,-37.4252,-26.7505,0.0,-40.3143,-8.3814,-33.83,-8.4211,-26.6843,0.0,0.0,-23.4737,15.9447,0.0,0.0,5.4926,0.0,24.5536,-19.2149,0.0,0.0,-38.503,31.4678,20.6371,0.2064,47.4103,63.1966,23.5323,70.3383,81.7298,-31.8923,46.5914,57.4533,30.5618,60.9683,9.4776,27.101,-39.9829,-5.1705,-54.0129,0.0,-0.2195,-32.4651,0.0,-18.8047,-50.5839,0.0,-14.9383,0.0,-18.3491],"force":[-72.5453,19.2635,-18.8254,-13.8529,-3.0261,0.0,-12.8424,-6.9948,-10.6196,-6.5838,-8.8662,0.0,0.0,-9.5957,18.1135,0.0,0.0,12.0456,0.0,20.4492,-18.1242,0.0,0.0,-46.6162,47.7959,23.6842,1.5056,40.7584,88.861,4.7745,86.4301,97.8683,-80.4214,36.4352,51.9843,6.1906,46.9717,9.1892,5.8,-47.3241,-11.6752,-34.9567,0.0,-0.8267,-18.9495,0.0,-11.2503,-32.4925,0.0,-12.5292,0.0,-42.79],"direction":[null,null,-81.7379,-48.9725,-33.2222,0.0,-27.8963,-22.0252,-24.1692,-17.9653,-18.9829,0.0,0.0,-20.609,4.8487,0.0,0.0,14.8302,0.0,17.8687,-0.5043,0.0,0.0,-17.4392,19.4511,28.7541,29.1502,44.5883,61.0131,57.3142,65.2912,72.3535,-25.456,39.9748,46.4477,17.4067,56.1459,40.0732,25.7535,-15.2474,-36.4822,-45.6399,0.0,-33.5712,-41.3626,0.0,-29.7471,-37.6484,0.0,-35.8156,0.0,-29.7993],"intensity":[null,null,25.0,20.0,16.6667,28.5714,62.5,33.3333,30.0,72.7273,33.3333,61.5385,21.4286,40.0,43.75,41.1765,83.3333,84.2105,10.0,66.6667,81.8182,8.6957,16.6667,68.0,88.4615,81.4815,85.7143,65.5172,90.0,87.0968,87.5,93.9394,94.1176,91.4286,80.5556,64.8649,71.0526,61.5385,62.5,82.9268,83.3333,55.814,68.1818,55.5556,56.5217,63.8298,22.9167,36.7347,46.0,13.7255,25.0,55.7692],"confirmation":[45.8812,28.831,61.4235,78.6934,52.0532,4.9289,76.6457,49.3228,75.3193,48.8501,73.8169,3.8049,3.5362,73.7257,49.4834,48.7242,1.0434,48.786,24.3436,74.7063,49.37,0.6192,0.7619,78.9396,78.5296,75.7947,25.9586,82.1608,90.7275,54.4662,91.6864,94.8748,37.3621,81.1202,84.6278,51.1103,85.5025,28.9323,51.5898,78.9391,51.0217,82.3583,30.4466,26.3592,77.8962,3.0379,74.3789,80.8773,5.243,74.7502,30.0494,85.7001],"persistence":[33.3333,0.0,20.0,33.3333,42.8571,37.5,62.5,62.5,62.5,87.5,87.5,75.0,62.5,75.0,50.0,37.5,25.0,0.0,12.5,25.0,12.5,25.0,12.5,0.0,12.5,12.5,25.0,25.0,50.0,62.5,75.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,25.0,12.5,12.5,37.5,50.0,75.0,75.0,62.5,62.5,62.5,62.5],"assessmentRisk":[null,null,22.1719,26.3601,5.7294,5.6332,12.766,12.6575,13.5154,9.1009,12.37,1.3692,8.5791,35.5187,29.6196,8.2757,47.7863,44.7887,48.0986,39.3693,14.3189,43.3675,41.4509,33.3376,28.9784,36.7938,44.0297,27.6144,15.567,34.5985,13.6999,8.7582,21.1615,12.6971,3.4966,52.1711,19.5071,25.3375,10.6521,17.0215,38.9096,24.6907,45.4413,25.1313,15.2806,24.8198,23.6014,16.1169,12.2061,31.0044,18.4876,6.8113],"volumeParticipation":true,"latest":{"consensus":-28.5,"control":-18.3,"force":-42.8,"direction":-29.8,"confirmation":85.7,"persistence":62.5,"assessmentRisk":6.8,"intensity":55.8,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-28.5","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-18.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-42.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-29.8","detail":"Downward 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downward.","series":[{"label":"Close","values":[2.159,1.5302,1.218,1.2518,1.208,1.186,1.1902,1.21,1.2002,1.22,1.195,1.23,1.21,1.225,1.21,1.195,1.23,1.23,1.25,1.3,1.3,1.32,1.255,1.26,1.265,1.21,1.315,1.355,1.36,1.42,1.61,1.59,1.74,2.05,1.64,1.72,1.85,1.83,1.93,1.85,1.85,1.69,1.6,1.53,1.62,1.57,1.5,1.58,1.55,1.5,1.52,1.5,1.53,1.47],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,1.674,1.5853,1.5134,1.4583,1.4113,1.3766,1.3435,1.3229,1.3024,1.2883,1.2741,1.2597,1.2543,1.2499,1.2499,1.259,1.2665,1.2762,1.2723,1.2701,1.2692,1.2584,1.2687,1.2844,1.2981,1.3203,1.373,1.4124,1.472,1.5771,1.5885,1.6124,1.6556,1.6873,1.7314,1.753,1.7706,1.756,1.7276,1.6917,1.6787,1.6589,1.63,1.6209,1.608,1.5884,1.5759,1.5621,1.5563,1.5406],"stroke":"#176fa3","width":1.7},{"label":"Slow 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the 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AMI Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/1f45b198-9543-4b5e-9dfa-83d43b9c68ed/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}