{"schema_version":"1.0","name":"ELB Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"516d4176-1c54-402b-a841-e3d15703460a","symbol":"ELB","name":"EDGELAB","exchange":"MIL","country":"IT","asset_type":"equity","currency":"EUR","sector":"Industrials","industry":"Aerospace & Defense"},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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, Strength versus the research benchmark, Drawdown and recovery pressure, Range pressure and compression, Range position and boundary pressure, Activity pressure and cumulative balance."},{"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":86,"displayedObservations":86,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure 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The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":14.6,"sample":4},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 14.6% across 4 cases.","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 5.0 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 unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 9.7% across 4 completed cases, with the largest move arriving after 3.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-10-03","price":4.32}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","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":[8.8,6.88,6.18,6.7,6.18,5.82,4.54,5.0,4.96,5.18,5.06,5.62,5.4,5.0,5.04,5.14,5.14,5.06,5.06,4.85,4.6,4.78,4.8,4.69,4.48,4.5,4.5,4.5,4.38,4.45,4.27,4.16,4.16,4.16,3.9,3.91,3.91,4.01,4.02,4.32,6.66,5.86,6.56,6.4,5.3,5.48,4.78,4.79,4.9,4.8,5.68,6.88,6.32,6.48,6.18,5.86,5.32,5.42,5.26,5.32,4.93,5.16,5.34,5.28,5.16,4.52,4.96,5.5,5.8,6.2,6.0,5.8,5.85,5.4,5.3,5.35,5.4,5.45,5.45,5.3,4.98,5.2,5.45,5.45,5.2,4.96],"consensus":[100.0,-43.073,-60.0,58.0,-37.9478,-31.9032,-44.5288,-13.9115,-32.8564,-15.5833,-17.0316,9.4748,-12.1872,-28.8487,-12.758,0.0,0.0,0.0,0.0,-25.699,-32.3452,0.0,0.0,-23.3986,-26.1048,0.0,-12.6025,-10.7761,-27.0833,0.0,-35.1654,-20.581,-16.5832,-16.8941,-50.3356,-9.7136,-20.7073,0.0,-13.5279,44.5997,75.3776,0.0,81.1693,38.6426,-40.9858,0.0,-56.1555,-29.58,0.0,-34.4729,63.7812,75.0521,0.0,47.6515,0.0,-23.8853,-47.4161,-16.2268,-39.1692,-13.4532,-53.8456,0.0,15.2533,0.0,-24.7348,-70.4975,9.6325,47.8996,47.4647,64.8437,22.7602,0.0,22.1751,-46.6348,-23.9624,-14.7161,-11.8865,0.0,0.0,-19.7858,-44.8305,0.0,27.6312,8.7546,-25.2001,-46.1264],"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":[-56.9217,-1.5392,-21.493,0.0,-27.5079,34.8729,64.7498,0.0,82.09,41.1864,-37.3515,0.0,-52.7708,-31.7705,0.0,-40.2416,58.3065,72.0896,0.0,42.5734,0.0,-26.5347,-52.2261,-8.9264,-42.5603,-6.3627,-58.2699,0.0,24.4083,0.0,-41.2002,-69.1498,17.9445,51.8495,37.2717,67.0417,18.7086,0.0,26.5703,-37.2181,-19.9269,-8.9164,-4.6951,0.0,0.0,-23.0768,-44.0316,0.0,40.0875,6.5943,-32.3619,-44.0118],"force":[-59.3548,-7.9185,-5.3661,0.0,-3.9381,80.1304,94.7109,0.0,91.8871,9.4922,-97.5163,0.0,-92.7821,-19.8272,0.0,-29.2002,96.1998,94.6224,0.0,42.2108,0.0,-41.5866,-55.1248,-4.5717,-32.3217,-1.3236,-60.5443,0.0,30.5517,0.0,-19.7585,-90.5243,59.4408,76.5932,69.1343,73.1988,8.9628,0.0,15.1744,-86.7145,-15.8958,-4.613,-4.656,0.0,0.0,-14.1185,-37.435,0.0,39.4861,4.6387,-40.5887,-53.2265],"direction":[-36.3662,-31.6501,-30.7675,0.0,-4.4006,30.3371,73.7142,0.0,72.4614,70.1175,-4.7605,0.0,-33.862,-34.043,0.0,-31.6462,46.8818,64.4591,0.0,57.3412,0.0,-8.2137,-36.4128,-32.8954,-40.1848,-32.1116,-44.0044,0.0,6.137,0.0,-9.4717,-57.7331,35.4442,22.8902,43.6357,56.3637,50.05,0.0,22.1526,-28.7685,-34.3364,-28.5608,-25.2698,0.0,0.0,-20.0729,-51.0258,0.0,4.9276,14.1636,-6.0233,-43.4716],"intensity":[64.7059,40.0,27.7778,24.3243,15.7895,71.7949,100.0,92.6829,85.7143,34.8837,88.6364,86.6667,82.6087,72.3404,27.0833,22.449,88.0,94.1176,80.7692,61.5385,67.3077,61.5385,76.9231,71.1538,32.6923,59.6154,73.0769,50.0,55.7692,7.6923,32.6923,86.5385,76.9231,80.7692,84.6154,67.3077,40.3846,57.6923,30.7692,73.0769,92.3077,5.7692,7.6923,7.6923,5.7692,32.6923,57.6923,63.4615,44.2308,44.2308,61.5385,46.1538],"confirmation":[84.2819,27.0515,51.4802,28.3172,26.4903,83.503,92.872,37.9632,94.2868,35.5516,60.227,24.1432,87.1376,77.135,28.0582,78.7827,89.4814,92.6582,37.6671,83.16,30.6674,76.1424,83.3348,50.282,80.2738,26.9118,85.3673,31.0404,51.8503,3.4828,75.5126,91.1901,34.7018,84.1422,84.0044,88.9711,30.957,30.2608,74.8157,84.2881,75.4836,49.823,26.3596,0.8596,1.0998,74.1086,82.1325,8.3712,54.3468,25.3756,53.7572,91.0091],"persistence":[87.5,87.5,87.5,87.5,87.5,62.5,37.5,25.0,0.0,25.0,25.0,25.0,25.0,0.0,12.5,25.0,25.0,25.0,12.5,0.0,12.5,12.5,0.0,0.0,25.0,50.0,62.5,75.0,62.5,50.0,50.0,50.0,25.0,0.0,25.0,37.5,37.5,37.5,62.5,62.5,37.5,12.5,12.5,25.0,37.5,50.0,75.0,62.5,37.5,12.5,12.5,25.0],"assessmentRisk":[24.7731,44.5097,38.9872,46.9223,48.8828,27.4929,12.2923,48.1924,9.3406,30.4056,26.5393,23.9,20.712,33.4203,24.0142,17.1778,7.7605,11.6174,47.7797,25.6168,31.6204,35.0447,22.8208,40.1464,27.4997,33.4769,5.7143,25.6304,0.2561,5.2027,47.6612,13.8491,47.211,4.2126,23.8132,17.5749,38.4257,32.5116,3.6852,25.7679,36.447,36.2574,37.6843,7.2799,24.502,0.2811,25.2592,41.6686,13.8156,28.3924,53.1441,18.7083],"volumeParticipation":true,"latest":{"consensus":-46.1,"control":-44.0,"force":-53.2,"direction":-43.5,"confirmation":91.0,"persistence":25.0,"assessmentRisk":18.7,"intensity":46.2,"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 strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-46.1","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-44.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-53.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-43.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"91/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"42.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"6.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"13.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"29%","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 references are aligned downward.","series":[{"label":"Close","values":[8.8,6.88,6.18,6.7,6.18,5.82,4.54,5.0,4.96,5.18,5.06,5.62,5.4,5.0,5.04,5.14,5.14,5.06,5.06,4.85,4.6,4.78,4.8,4.69,4.48,4.5,4.5,4.5,4.38,4.45,4.27,4.16,4.16,4.16,3.9,3.91,3.91,4.01,4.02,4.32,6.66,5.86,6.56,6.4,5.3,5.48,4.78,4.79,4.9,4.8,5.68,6.88,6.32,6.48,6.18,5.86,5.32,5.42,5.26,5.32,4.93,5.16,5.34,5.28,5.16,4.52,4.96,5.5,5.8,6.2,6.0,5.8,5.85,5.4,5.3,5.35,5.4,5.45,5.45,5.3,4.98,5.2,5.45,5.45,5.2,4.96],"stroke":"#10243b","width":2.1},{"label":"Fast 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