{"schema_version":"1.0","name":"WDEY Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"91f6b728-2aff-4262-badf-8432072ac3eb","symbol":"WDEY","name":"Invesco Markets II plc - Invesco Wind Energy UCITS ETF USD Acc","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"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 rotational.","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, Acceleration, deceleration and rollover, Strength versus the research benchmark, Activity pressure and cumulative balance, 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":62,"displayedObservations":62,"assetType":"ETF","state":"Rotational","stateTone":"caution","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 rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","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 rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the 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The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"9 Jan 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Lagging price","detail":"Price is extended relative to Market Dynamics. 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Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"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":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-38.8","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-43.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-50.2","detail":"Downward 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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,0.139,0.1439,0.1476,0.1679,0.1834,0.2023,0.2193,0.2438,0.2469,0.2481,0.2233,0.2213,0.2218,0.2187,0.2102,0.2027,0.203,0.2138,0.2338,0.2546,0.2689,0.2806,0.3026,0.3247,0.3466,0.336,0.3228,0.2941,0.2717,0.2665,0.2885,0.3195,0.3443,0.374,0.4218,0.4424,0.4639,0.475,0.4715,0.4516,0.4492,0.4172,0.3942,0.3468,0.2894,0.2483,0.1983,0.1848,0.178,0.1515],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1541,0.1638,0.1749,0.1886,0.2003,0.2099,0.2125,0.2143,0.2158,0.2164,0.2151,0.2127,0.2107,0.2114,0.2158,0.2236,0.2327,0.2422,0.2543,0.2684,0.284,0.2944,0.3001,0.2989,0.2935,0.2881,0.2882,0.2944,0.3044,0.3183,0.339,0.3597,0.3805,0.3994,0.4139,0.4214,0.427,0.425,0.4188,0.4044,0.3814,0.3548,0.3235,0.2958,0.2722,0.2481],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0293,0.0385,0.0444,0.0551,0.0466,0.0383,0.0107,0.007,0.006,0.0024,-0.005,-0.0099,-0.0077,0.0025,0.0179,0.031,0.0363,0.0384,0.0483,0.0563,0.0626,0.0416,0.0227,-0.0048,-0.0217,-0.0215,0.0004,0.0251,0.0399,0.0557,0.0828,0.0827,0.0833,0.0756,0.0577,0.0302,0.0222,-0.0078,-0.0247,-0.0576,-0.092,-0.1065,-0.1252,-0.1109,-0.0942,-0.0966],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-06-20","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"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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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,50.6803,167.7651,155.8548,4.5494,53.3833,12.2662,40.1865,62.0863,165.9185,82.4782,319.9429,218.6808,280.2009,466.8032,232.014,93.495,113.2849,154.4284,278.8708,43.2455,25.1741,75.9635,196.489,67.4246,175.1624,258.5745,163.3455,181.1509,87.5192,153.997,135.2005,201.8465,97.6497,215.1654,97.6108,144.9574,157.9872,107.1054,256.0669,112.6874,90.3788,53.1136,134.125,4.5499,2.2965,5.7479,38.8067,0.3574,8.8055,2.2641,36.4578,152.4903,44.1178,45.2972,32.0076],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,98.7966,80.046,98.6181,98.1232,92.5523,93.7451,97.4812,103.1012,118.8102,126.5345,135.0,135.0,135.0,112.7579,125.2355,119.9725,126.4404,135.0,116.1987,113.4754,115.0624,119.8325,132.9476,135.0,135.0,135.0,135.0,135.0,135.0,135.0,130.9363,124.398,121.2082,128.3922,131.6533,135.0,135.0,135.0,135.0,135.0,132.7142,134.0748,130.5324,130.4135,130.3557,130.4913,129.6021,129.6098,129.4251,129.3805,130.0704,127.2504,128.0441,128.7842,128.2826],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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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,2.0884,2.0706,2.1771,2.2787,2.4211,2.3689,2.3983,2.656,2.8945,3.359,3.3215,3.2586,3.196,3.2266,3.0889,2.9772,2.9159,2.8812,2.9746,2.9345,3.1202,3.1304,3.0231,3.0226,3.4255,3.6077,3.777,4.0018,3.9134,3.9286,3.8456,3.7799,3.6559,3.5876,3.6955,3.7951,3.7974,3.6787,3.7164,3.6006,3.8963,3.674,3.9484,4.1255,3.976,4.32,4.2291,4.0595,4.3155],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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