{"schema_version":"1.0","name":"CRCY Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"79c1b368-87fc-43be-84b0-e468c9db6bbb","symbol":"CRCY","name":"IncomeShares Circle Internet (CRCL) Options 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":"Rotational","stateTone":"caution","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":[5.886628,5.764233,5.58806,7.461288,5.793703,6.33531,7.7975,5.698823,5.927406,4.731694,4.367788,4.324543,3.649178,3.447,3.569,3.2075,3.462,3.41,3.145,3.23,3.7065],"highs":[5.886628,6.096785,6.45507,7.53754,5.793703,6.360926,8.1375,5.948096,5.927406,4.747796,4.477282,4.324543,3.865865,3.447,3.569,3.2075,3.6865,3.41,3.365,3.5465,4.3],"lows":[5.518779,5.621711,5.58806,7.329577,5.482253,5.879128,7.3625,5.655471,5.296831,4.355827,4.30246,4.199867,3.649178,3.447,3.514,3.2075,3.2115,3.145,3.0185,3.23,3.628],"closes":[5.569255,5.736521,6.408553,7.27643,5.696261,5.879128,7.34625,5.948096,5.850554,4.355827,4.30246,4.199867,3.865865,3.447,3.514,3.2075,3.248,3.145,3.296,3.5465,4.279],"hoverRows":[[{"label":"Open","value":"5.89","className":"is-ohlc","compact":true},{"label":"High","value":"5.89","className":"is-ohlc","compact":true},{"label":"Low","value":"5.52","className":"is-ohlc","compact":true},{"label":"Close","value":"5.57","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}]],"pressureRange":[-2.3,2.3],"priceRange":[2.892925,7.598325],"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":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","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":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"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":"2026-04-24","price":7.27643}],"reversal_dangers":[{"date":"2026-05-01","price":5.696261}]}},"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":[5.5693,5.7365,6.4086,7.2764,5.6963,5.8791,7.3463,5.9481,5.8506,4.3558,4.3025,4.1999,3.8659,3.447,3.514,3.2075,3.248,3.145,3.296,3.5465,4.279],"consensus":[-72.5561,-51.6665,89.2696,-58.0,-14.3116,0.0,37.8933,-19.5512,0.0,-77.9579,-54.3766,-55.9715,-35.1702,-50.6675,-50.79,-49.5935,-45.937,-50.8445,-10.2303,12.0169,53.9811],"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,0.0,25.7376,-5.759,0.0,-79.4492,-55.9324,-58.5399,-17.2609,-46.1027,-53.5272,-43.9236,-51.2506,-61.8412,-7.5397,13.1229,48.1107],"force":[-72.5561,-51.6665,89.2696,-58.0,-17.6128,0.0,10.9732,-22.7582,0.0,-82.4002,-25.4992,-28.6273,-8.601,-25.7154,-18.4132,-23.5848,-20.5127,-31.4793,-34.3565,49.9977,92.4664],"direction":[null,null,null,null,-11.9536,0.0,71.0142,-33.0231,0.0,-73.0806,-73.2253,-72.5678,-74.616,-73.7072,-70.788,-74.651,-58.0244,-52.1092,-45.1529,16.3763,33.2005],"intensity":[null,null,null,null,100.0,40.0,83.3333,100.0,25.0,55.5556,20.0,9.0909,41.6667,38.4615,7.1429,40.0,50.0,29.4118,11.1111,26.3158,75.0],"confirmation":[45.8846,39.1999,51.2329,41.2267,50.064,48.5504,79.4907,51.8976,1.1199,93.0592,84.4967,85.0384,78.7176,83.5227,83.2244,83.1637,81.844,83.5125,9.2852,31.1463,55.0],"persistence":[null,null,33.3333,50.0,60.0,50.0,28.5714,37.5,25.0,25.0,50.0,50.0,50.0,62.5,87.5,87.5,100.0,100.0,100.0,75.0,50.0],"assessmentRisk":[null,null,null,null,13.698,11.4068,18.9086,32.6995,8.9119,5.7929,22.5881,19.542,31.1392,13.4159,10.3829,16.5245,9.8379,4.9894,10.0822,22.4261,21.6007],"volumeParticipation":true,"latest":{"consensus":54.0,"control":48.1,"force":92.5,"direction":33.2,"confirmation":55.0,"persistence":50.0,"assessmentRisk":21.6,"intensity":75.0,"evidenceDepth":81},"analysis":{"status":"Completed tape has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Completed tape","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+54.0","detail":"Completed tape has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+48.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+92.5","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+33.2","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"52.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"13.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"25%","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 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