{"schema_version":"1.0","name":"BLTN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"8b7e3d27-0028-4ecd-b44e-383f179061dc","symbol":"BLTN","name":"iSh Brzil LTN BRL Gvt Bnd","exchange":"AMS","country":"NL","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","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, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range position and boundary pressure."},{"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":39,"displayedObservations":39,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. 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This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is rising before Market Dynamics turns positive","detail":"The upward price structure is visible, but the underlying repair is not yet complete."}},"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":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 7.5% across 1 completed cases, with the largest move arriving after 12.0 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."}]},"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":["2025-11-28","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":[102.31,101.3438,100.821,99.3225,98.7164,101.0142,102.999,102.5981,105.18,106.8708,107.63,107.7035,108.7688,110.3584,106.2369,105.2929,105.2965,105.9526,109.0516,112.8484,114.3122,112.9978,113.87,116.27,111.35,112.86,112.67,110.02,112.0,110.23,111.02,110.66,113.09,112.89,113.68,114.23,113.97,110.5,112.88],"consensus":[45.121,-76.9004,40.7765,-21.3149,-56.236,15.8835,45.8793,9.4894,67.0518,61.6177,57.9693,32.4243,48.2428,61.9343,-30.4699,-24.6491,-11.5577,0.0,48.4225,56.8045,51.5304,14.6142,32.9338,41.0054,-33.6833,19.7355,0.0,-34.4428,27.0827,-9.4648,0.0,0.0,30.6557,18.3801,34.2701,26.5779,9.1379,-46.806,24.6617],"supportDates":["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,null,null,26.9283,49.0308,1.7326,62.8491,50.7617,55.2869,17.4799,34.9667,55.1214,-28.3341,-14.8375,-3.9883,0.0,48.9072,60.2026,48.4951,0.7021,24.3378,37.6886,-32.9558,22.5029,0.0,-34.0084,35.875,-0.4674,0.0,0.0,39.5805,17.7603,38.966,20.0372,7.9362,-46.7123,32.7911],"force":[45.121,-76.9004,40.7765,-21.3149,-17.2092,29.4181,40.9374,17.1931,73.7512,64.7333,43.0831,3.9737,41.3905,59.5317,-72.5604,-43.1548,-11.5285,0.0,60.4659,51.5868,44.8537,18.665,18.8477,28.3762,-77.5307,18.8153,0.0,-44.7643,36.7521,-6.7675,0.0,0.0,29.5878,8.8153,30.5139,24.0279,5.7646,-68.1862,46.8423],"direction":[null,null,null,null,-84.1122,6.4067,45.8075,41.3737,67.0695,71.799,71.668,69.8254,68.31,71.4367,-2.846,-22.644,-20.2294,0.0,39.2659,56.648,59.7684,54.2848,52.8193,53.8169,-3.1951,17.23,0.0,-27.5668,10.1276,-21.6741,0.0,0.0,21.2186,25.9206,31.5863,35.8744,21.1558,-31.6416,0.4724],"intensity":[null,null,null,null,100.0,100.0,100.0,42.8571,87.5,100.0,20.0,27.2727,66.6667,46.1538,100.0,6.6667,25.0,5.8824,88.8889,100.0,90.0,28.5714,31.8182,65.2174,100.0,84.0,7.6923,70.3704,46.4286,44.8276,26.6667,3.2258,65.625,3.0303,11.7647,60.0,13.8889,89.1892,63.1579],"confirmation":[37.1054,47.2748,35.7151,29.4874,61.5448,52.027,82.4827,6.4319,89.7248,87.978,86.1374,55.0698,83.4312,87.8496,56.399,76.6012,49.1463,27.5063,83.8548,85.9667,84.3325,7.8562,78.2405,80.7874,57.4594,74.2451,2.7932,79.3429,76.8272,25.7503,3.2669,1.2459,77.6413,73.5996,78.7804,76.5269,26.3847,83.6309,38.7921],"persistence":[null,null,33.3333,0.0,20.0,0.0,14.2857,25.0,25.0,50.0,50.0,75.0,100.0,100.0,75.0,50.0,25.0,12.5,12.5,12.5,12.5,12.5,37.5,62.5,62.5,75.0,62.5,37.5,37.5,12.5,0.0,12.5,12.5,12.5,25.0,50.0,50.0,50.0,62.5],"assessmentRisk":[null,null,null,null,21.882,20.1389,22.152,44.4168,16.4522,19.1493,20.8612,33.7298,25.4423,18.5667,17.4786,31.2534,42.4707,51.607,21.7854,21.5568,24.2266,42.6245,32.8931,26.471,24.8009,12.6347,21.5934,32.3544,0.2174,35.3921,31.2299,12.888,8.4657,33.7487,25.9545,33.7915,16.875,21.2294,33.7899],"volumeParticipation":true,"latest":{"consensus":24.7,"control":32.8,"force":46.8,"direction":0.5,"confirmation":38.8,"persistence":62.5,"assessmentRisk":33.8,"intensity":63.2,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+24.7","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+32.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+46.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+0.5","detail":"Follow-through is limited","tone":"positive"},{"label":"SM Confirmation Gauge","value":"39/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"53.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"33.0","detail":"Directional","tone":"positive"},{"label":"Range position","value":"59%","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 upward.","series":[{"label":"Close","values":[102.31,101.3438,100.821,99.3225,98.7164,101.0142,102.999,102.5981,105.18,106.8708,107.63,107.7035,108.7688,110.3584,106.2369,105.2929,105.2965,105.9526,109.0516,112.8484,114.3122,112.9978,113.87,116.27,111.35,112.86,112.67,110.02,112.0,110.23,111.02,110.66,113.09,112.89,113.68,114.23,113.97,110.5,112.88],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,100.9347,100.9492,101.3219,101.5539,102.2132,103.06,103.8909,104.5841,105.345,106.2565,106.2529,106.0784,105.9362,105.9392,106.5051,107.6584,108.8682,109.619,110.3919,111.4607,111.4406,111.6986,111.8752,111.5379,111.6219,111.3689,111.3054,111.1881,111.5339,111.7805,112.1258,112.5084,112.7741,112.3607,112.4551],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,103.575,104.0775,104.2375,104.3156,104.3883,104.5042,104.841,105.4342,106.0918,106.6033,107.1416,107.8178,108.0794,108.4336,108.7474,108.8416,109.0756,109.1611,109.2988,109.3996,109.673,109.9113,110.1904,110.4897,110.7475,110.7291,110.8885],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,106.846,108.1296,109.0207,109.9871,111.1729,111.1707,111.0434,110.9237,110.876,111.2867,112.4554,113.9662,114.8944,115.7898,116.8328,116.5989,116.6921,116.8373,116.521,116.5816,116.5755,116.6312,116.6487,116.8958,117.0839,117.1645,117.0391,116.6336,115.924,115.7565],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,97.3892,97.1078,97.0642,96.9788,96.7752,97.0791,97.3524,97.6014,97.8368,97.9203,97.5762,97.2656,97.5027,97.9123,98.564,100.0613,101.1526,101.9745,103.0331,103.6545,103.9965,104.2797,104.5579,104.7429,104.808,105.4717,106.4908,107.7637,108.928,109.4784],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,2.3406,2.6328,2.8066,2.8899,2.9731,2.9988,3.0843,3.0462,3.0464,3.0894,3.1786,3.5503,3.4963,3.4416,3.5084,3.3265,3.3406,3.1623,3.0254,2.9226,2.7901,2.6709,2.7108,2.6777,2.8586,2.794],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,9.2607,10.7406,11.6035,12.5705,13.8474,13.5334,13.1393,12.7777,12.4949,12.7782,14.1685,15.8126,16.3766,16.7313,16.9629,15.2659,14.2666,13.585,12.2866,11.7393,11.4058,11.1824,10.9316,10.9664,11.0647,10.5039,9.4379,7.9055,6.2228,5.5747],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,49.3976,47.1378,45.0394,42.4329,40.4325,38.3416,37.3162,36.3641,35.6854,35.7406,35.7918,34.4292,32.9521],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,26.1791,22.4494,19.7303,17.7924,15.9599,19.0148,26.2353,26.4421,24.8372,25.4763,27.1949,23.608,21.9627,20.753,19.3589,18.624,17.4969,19.1979,18.6941,22.9211,22.3337,22.8785,25.7904,24.2994,21.7993,20.2737],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,4.7502,14.343,13.3084,13.1357,13.41,11.9944,10.4648,9.7128,9.1233,8.2897,7.3271,10.3745,9.6696,9.137,13.5196,13.0064,14.7409,14.357,14.9404,14.0525,13.6924,13.1899,12.0093,11.3151,15.5553,15.3726],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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"]},{"key":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,1.3501,1.6836,1.5968,1.4353,1.2928,1.2187,1.3939,1.8182,2.2467,2.452,2.6544,2.9743,2.7984,2.7493,2.6643,2.3559,2.2454,1.992,1.8339,1.6603,1.6993,1.6945,1.7344,1.7898,1.7921,1.4967,1.438],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.418,1.3781,1.3813,1.4687,1.6243,1.7898,1.9628,2.1651,2.2917,2.3832,2.4394,2.4227,2.3873,2.3082,2.2133,2.1027,2.022,1.9565,1.9121,1.8877,1.8685,1.7942,1.7229],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.1253,-0.1595,0.0126,0.3496,0.6224,0.6622,0.6917,0.8092,0.5067,0.366,0.2248,-0.0668,-0.1419,-0.3162,-0.3795,-0.4424,-0.3228,-0.2621,-0.1777,-0.0978,-0.0764,-0.2975,-0.285],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,246.9116,90.6984,151.1277,124.4244,69.7953,152.7187,143.6074,95.1756,174.6465,96.6645,146.0001,70.4695,26.8712,125.7807,55.2468,103.8124,54.9535,99.4226,66.0685,54.4537,30.6731,55.9141,2.3198,19.8008,11.1872,7.5655,6.2391,47.6316,165.9311,100.6479,83.0955,92.6266],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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