{"schema_version":"1.0","name":"TLTI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"5f05a466-aa1f-4fb2-ad8f-2dbf535fa344","symbol":"TLTI","name":"IncomeShares 20+ Year Treasury (TLT) Options ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"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 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.3,"sample":1},{"week":2,"averageReturn":-1.6,"sample":1},{"week":3,"averageReturn":-1.7,"sample":1},{"week":4,"averageReturn":-2.3,"sample":1},{"week":5,"averageReturn":-2.3,"sample":1},{"week":6,"averageReturn":-1.1,"sample":1},{"week":7,"averageReturn":-2.6,"sample":1},{"week":8,"averageReturn":-2.5,"sample":1},{"week":9,"averageReturn":0.6,"sample":1},{"week":10,"averageReturn":0.4,"sample":1},{"week":11,"averageReturn":-1.3,"sample":1},{"week":12,"averageReturn":-3.3,"sample":1},{"week":13,"averageReturn":-3.7,"sample":1},{"week":14,"averageReturn":-3.6,"sample":1},{"week":15,"averageReturn":-5.0,"sample":1},{"week":16,"averageReturn":-6.3,"sample":1},{"week":17,"averageReturn":-7.0,"sample":1},{"week":18,"averageReturn":-7.6,"sample":1},{"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}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"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}]},"currentApplication":{"status":"Evidence aligned downward","tone":"negative","headline":"Price and Market Dynamics remain aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","confirm":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":100.0,"averageReturn":-4.1,"sample":2},"nowContext":{"label":"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, 100.0% of comparable cases moved lower after 12 weeks, with an average move of -4.1% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 6.0% across 2 completed cases, with the largest move arriving after 12.0 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":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[2922.7715,2916.7759,2942.7566,3029.2275,2976.7583,2931.7844,2961.2671,2948.7744,2948.7744,2978.2571,2972.7607,2998.7454,2984.2539,3027.7285,3047.217,4089.6472,3085.6943,3031.7258,3019.7329,3036.2236,3033.2253,2930.5371,2918.0432,2925.5396,2891.0566,2867.8542,2890.345,2915.8347,2855.8589,2824.8708,2823.6558,2883.1379,2907.1311,2965.1135,2923.418,2860.9302,2833.9358,2839.9346,2864.4265,2827.4338,2812.937,2820.4353,2768.1689,2765.9468,2749.45,2748.9502,2781.4434,2739.8191,2741.799,2829.909,2822.979,2775.0,2719.5,2707.5,2712.5,2673.5,2637.0,2616.0,2599.0],"consensus":[-47.7704,-30.0013,52.5444,19.0615,11.168,-10.3442,0.0,-9.494,0.0,13.6645,0.0,17.9178,0.0,30.7304,25.3342,85.1921,-24.5202,-21.862,-15.5904,-13.9532,-13.4512,-44.5948,-25.7524,-17.2787,-29.3759,-28.3436,0.0,0.0,-28.3294,-26.0071,-14.2979,8.7903,0.0,34.3064,0.0,-24.3332,-27.0391,-9.8927,0.0,-21.0668,-16.6146,0.0,-37.813,-17.3345,-32.6413,-14.057,0.0,-35.3147,-18.4862,26.95,10.4999,-10.2197,-24.0759,-28.7414,-12.7217,-49.2026,-49.3122,-50.0463,-46.1883],"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":[-4.5903,0.0,8.6979,0.0,15.9657,0.0,26.04,19.9228,73.1905,-28.6268,-27.1219,-20.4313,-7.5232,-15.0395,-44.7367,-26.4147,-14.904,-29.1829,-32.2574,0.0,0.0,-31.4961,-26.5849,-9.4756,16.4328,0.0,32.8015,0.0,-26.9134,-28.9077,-2.5924,0.0,-20.9814,-16.4144,0.0,-41.7534,-14.5475,-37.9659,-6.5293,0.0,-47.937,-24.6418,26.5196,7.2161,-19.2747,-26.2565,-25.8632,-1.4885,-48.6549,-52.4235,-55.8864,-45.9802],"force":[-14.4747,0.0,19.2364,0.0,17.4583,0.0,45.2363,23.5559,99.9968,-60.2241,-32.1358,-11.7503,-3.7327,-11.0575,-65.1817,-18.3192,-4.0391,-21.1131,-18.6051,0.0,0.0,-26.757,-20.0643,-0.7355,28.1977,0.0,50.8291,0.0,-32.718,-25.8078,-2.9706,0.0,-25.779,-14.7405,0.0,-35.3297,-3.5075,-23.5124,-0.2819,0.0,-28.6973,-6.7424,28.4615,3.6853,-11.4268,-16.0495,-14.0762,-6.5176,-54.4514,-43.3325,-37.0508,-34.07],"direction":[-11.5406,0.0,15.3608,0.0,20.4771,0.0,25.7296,32.7888,88.3333,-5.6759,-8.5122,-12.801,-28.6022,-13.3458,-29.7278,-30.3047,-29.4494,-35.4983,-30.8267,0.0,0.0,-25.8333,-29.5917,-30.5473,13.8065,0.0,24.2243,0.0,-15.3953,-25.7829,-27.424,0.0,-17.7987,-18.1819,0.0,-35.0834,-30.3959,-33.0768,-32.902,0.0,-25.6159,-19.8395,26.3622,19.1204,-0.9911,-27.317,-42.506,-39.302,-46.0793,-50.0278,-52.6544,-55.082],"intensity":[57.1429,37.5,55.5556,10.0,27.2727,16.6667,46.1538,42.8571,100.0,93.75,58.8235,33.3333,26.3158,50.0,85.7143,36.3636,65.2174,37.5,28.0,23.0769,37.037,71.4286,44.8276,23.3333,70.9677,87.5,75.7576,41.1765,77.1429,19.4444,83.7838,86.8421,53.8462,90.0,2.439,54.7619,27.907,6.8182,28.8889,47.8261,57.4468,6.25,87.7551,8.0,72.549,82.6923,11.5385,21.1538,40.3846,82.6923,11.5385,40.3846],"confirmation":[48.5979,0.674,72.6181,1.7628,73.7494,3.4919,78.3473,76.1352,95.8955,55.4162,75.2288,72.7981,26.9182,72.2072,82.8956,76.0041,50.4952,77.1514,76.7135,4.0108,3.4209,76.9692,76.1324,49.6809,28.8999,1.3101,79.5045,26.9386,76.0028,76.5865,26.1853,2.7239,74.8863,73.2626,25.2471,79.9644,50.5014,78.0859,26.9028,25.9038,78.9067,50.7972,76.6766,25.869,48.7139,75.4265,76.7942,27.7129,83.9131,83.5503,83.5298,90.4141],"persistence":[12.5,0.0,25.0,12.5,12.5,0.0,25.0,37.5,62.5,50.0,25.0,12.5,12.5,25.0,50.0,75.0,100.0,100.0,100.0,87.5,75.0,75.0,75.0,75.0,50.0,37.5,12.5,12.5,25.0,25.0,25.0,12.5,37.5,50.0,62.5,75.0,75.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,37.5,37.5,37.5,50.0,50.0,50.0,75.0,100.0],"assessmentRisk":[42.6238,29.0817,34.1732,14.5183,34.761,38.4242,28.6317,35.7884,7.3652,24.6065,11.4277,4.3831,42.4961,0.2373,10.0036,0.5213,4.757,2.2533,6.4574,0.5954,1.0219,7.5569,28.8875,40.8449,38.1954,41.5307,32.6734,51.6932,13.2722,34.0047,44.8867,43.265,23.7118,16.2654,20.7781,30.4809,37.6043,31.5751,41.879,20.5958,19.034,5.9689,35.568,36.2862,42.649,14.5745,35.4818,43.3644,25.0193,24.1712,24.2429,26.6818],"volumeParticipation":true,"latest":{"consensus":-46.2,"control":-46.0,"force":-34.1,"direction":-55.1,"confirmation":90.4,"persistence":100.0,"assessmentRisk":26.7,"intensity":40.4,"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":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-46.2","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-46.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-34.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-55.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"90/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"31.2","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"2.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"18.5","detail":"Range-led","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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