{"schema_version":"1.0","name":"GT15 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a8c894e4-42a4-4c48-9226-d7516cd28bf2","symbol":"GT15","name":"INVESCO MARKETS II PLC INVESCO","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","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 downward.","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, Activity pressure and cumulative balance, Range position and boundary pressure, Acceleration, deceleration and rollover, Drawdown and recovery pressure, 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":58,"displayedObservations":58,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.7,"sample":1},{"week":2,"averageReturn":-1.5,"sample":1},{"week":3,"averageReturn":-2.3,"sample":1},{"week":4,"averageReturn":-0.4,"sample":1},{"week":5,"averageReturn":-2.0,"sample":1},{"week":6,"averageReturn":-2.3,"sample":1},{"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}]}},"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":"Countertrend conflict","tone":"caution","headline":"Price and Market Dynamics remain aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","confirm":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"accumulation","zoneContext":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":100.0,"averageReturn":-1.5,"sample":2},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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 -1.5% across 2 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 1.0 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 6.6% across 3 completed cases, with the largest move arriving after 8.7 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":["2025-07-18","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":[4.5128,4.5483,4.6221,4.5823,4.5033,4.5048,4.4788,4.5503,4.5548,4.5148,4.5163,4.5578,4.5793,4.676,4.7635,4.7975,4.7548,4.662,4.6918,4.796,4.8027,4.6714,4.6809,4.6931,4.6824,4.7954,4.7806,4.7024,4.6854,4.6514,4.7469,4.7979,4.8864,4.6706,4.4988,4.4413,4.4305,4.5187,4.5146,4.5284,4.4482,4.4339,4.4769,4.3054,4.4909,4.5369,4.4281,4.46,4.467,4.5338,4.4928,4.44,4.407,4.3712,4.3385,4.4207,4.3513,4.3365],"consensus":[-100.0,-100.0,100.0,-100.0,-63.4354,-9.9224,-48.3025,37.2988,9.689,-33.2152,0.0,43.8087,50.4316,77.6312,85.3424,58.8584,21.5976,-19.4853,24.5103,57.2084,42.3129,-39.1471,0.0,12.6677,-27.5528,70.1308,9.2935,-37.7287,-25.4281,-57.5731,43.4644,63.7503,77.4938,-46.8938,-72.2506,-72.6338,-42.3465,0.0,-20.3879,0.0,-46.4532,-25.4625,8.0375,-74.1392,36.8212,23.1708,-34.0336,0.0,-16.2198,10.7787,9.085,-12.5596,-36.4314,-37.642,-54.2778,15.4975,-42.9312,-26.2659],"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":[-39.9552,46.7559,4.9445,-38.2619,0.0,52.3545,47.8955,71.458,85.0114,57.3633,4.3228,-32.1271,43.369,77.9833,45.624,-43.6161,0.0,28.8947,-21.5639,69.6431,0.802,-41.3892,-27.2211,-52.2829,52.2976,64.3557,81.9891,-48.8103,-64.6107,-69.507,-34.8939,0.0,-22.625,0.0,-48.9168,-17.0881,12.095,-74.1523,37.098,13.6182,-25.181,0.0,-21.4576,7.2676,12.6803,-6.9953,-45.6582,-26.9134,-53.9582,12.2833,-35.6911,-25.0203],"force":[-39.1653,66.912,13.6692,-61.6422,0.0,53.7592,63.3631,88.323,90.2042,27.7074,16.1081,-46.3671,13.5429,43.8621,18.8342,-85.7712,0.0,25.0219,-44.6571,96.4524,28.2071,-81.28,-40.1308,-81.4535,80.8564,85.879,94.6922,-82.7821,-97.4063,-86.1967,-20.5399,0.0,-7.3614,0.0,-63.2964,-8.6392,53.2624,-93.4234,89.655,43.7769,-57.3255,0.0,-14.8325,15.1862,0.0062,-14.9529,-29.0389,-45.2954,-63.3971,58.0267,-68.2513,-21.4901],"direction":[-64.3688,5.3385,43.0975,-7.1426,0.0,26.9345,44.0933,77.0491,82.2481,82.8178,68.2729,-14.1637,10.7915,42.9986,55.2994,-0.7369,0.0,14.7017,-22.1799,51.8871,47.6175,-2.4373,-12.877,-46.5618,6.6607,47.2522,60.0718,-19.0688,-63.0134,-66.5196,-66.44,0.0,-27.1359,0.0,-31.6068,-47.0497,28.903,-60.3498,1.2337,19.3694,-27.5138,0.0,-11.2247,11.6432,11.4609,-17.2093,-31.1669,-44.4365,-48.1292,11.2071,-33.1198,-31.1007],"intensity":[16.6667,57.1429,100.0,33.3333,20.0,45.4545,8.3333,92.3077,85.7143,73.3333,43.75,82.3529,94.4444,78.9474,45.0,95.2381,50.0,13.0435,29.1667,84.0,61.5385,55.5556,35.7143,17.2414,76.6667,67.7419,65.625,100.0,97.0588,94.2857,72.2222,56.7568,94.7368,10.2564,55.0,34.1463,33.3333,95.3488,97.7273,97.7778,82.6087,31.9149,14.5833,38.7755,46.0,35.2941,11.5385,63.4615,11.5385,51.9231,69.2308,38.4615],"confirmation":[83.3055,58.0273,6.5825,56.7516,25.8485,82.1918,84.5709,93.2619,95.4628,85.9081,9.4617,32.5502,75.2217,85.5834,80.7741,59.2132,1.6412,29.986,77.4294,91.2515,8.1735,58.678,76.5577,87.2318,60.2469,89.0653,93.2537,84.0705,92.0032,91.7038,80.9999,36.9401,51.4264,4.3015,83.3408,75.7629,32.7211,92.3121,58.9852,76.1882,79.7355,4.1504,73.0682,48.9704,47.9091,49.5101,79.2922,80.4422,85.6517,31.3618,82.62,84.2785],"persistence":[71.4286,50.0,25.0,25.0,37.5,12.5,12.5,37.5,62.5,62.5,62.5,62.5,75.0,75.0,75.0,50.0,37.5,37.5,12.5,37.5,37.5,12.5,12.5,12.5,0.0,0.0,25.0,0.0,25.0,25.0,25.0,12.5,37.5,50.0,75.0,75.0,50.0,50.0,25.0,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5,25.0,25.0,50.0],"assessmentRisk":[25.5247,45.3952,33.7939,26.6014,35.8047,13.8575,0.1631,11.0429,7.3201,20.5632,39.1014,3.2096,56.0292,29.9303,13.9871,26.3963,6.8577,51.9779,33.6329,11.8576,40.2236,25.6404,14.9534,19.9027,44.9552,12.4625,11.021,34.0985,13.375,13.6317,28.8207,48.4352,18.8045,37.2693,32.7092,23.6205,23.2082,11.96,0.0656,25.422,6.1921,47.583,5.4902,7.1904,27.5755,5.1514,11.9233,29.1345,20.3536,18.6717,10.0778,15.3896],"volumeParticipation":true,"latest":{"consensus":-26.3,"control":-25.0,"force":-21.5,"direction":-31.1,"confirmation":84.3,"persistence":50.0,"assessmentRisk":15.4,"intensity":38.5,"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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-26.3","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-25.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-21.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-31.1","detail":"Downward 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downward.","series":[{"label":"Close","values":[4.5128,4.5483,4.6221,4.5823,4.5033,4.5048,4.4788,4.5503,4.5548,4.5148,4.5163,4.5578,4.5793,4.676,4.7635,4.7975,4.7548,4.662,4.6918,4.796,4.8027,4.6714,4.6809,4.6931,4.6824,4.7954,4.7806,4.7024,4.6854,4.6514,4.7469,4.7979,4.8864,4.6706,4.4988,4.4413,4.4305,4.5187,4.5146,4.5284,4.4482,4.4339,4.4769,4.3054,4.4909,4.5369,4.4281,4.46,4.467,4.5338,4.4928,4.44,4.407,4.3712,4.3385,4.4207,4.3513,4.3365],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,4.5383,4.5322,4.5225,4.5276,4.5325,4.5293,4.5269,4.5326,4.5411,4.5656,4.6016,4.6372,4.6586,4.6592,4.6651,4.6889,4.7096,4.7027,4.6987,4.6977,4.6949,4.7132,4.7254,4.7213,4.7147,4.7032,4.7112,4.7269,4.7559,4.7404,4.6965,4.6501,4.6101,4.5935,4.5792,4.57,4.5478,4.5271,4.518,4.4793,4.4814,4.4915,4.48,4.4763,4.4746,4.4854,4.4867,4.4782,4.4653,4.4482,4.4282,4.4269,4.4131,4.3992],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,null,null,null,null,1200.0,39.6122,1190.9266,0.0,1147.5453,208.7566,0.677,1.947,307.3543,159.8042,56.5521,153.9709,15.8572,40.6233,384.9308,250.1556,392.2565,1920.1238,7.8061,8.8076,28.5091,12.4397,28.3686,45.2407,23.2875,51.3697,76.9867,32.4778,31.664,79.8891,29.3844,60.3975,599.8307,476.0394,181.4853,30.6029,24.7461,27.7247,23.1444,20.7299,21.7248,11.0242,142.8497,161.8629,133.2558,256.4897,276.9475],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,0.0085,0.0188,0.0337,0.0476,0.0546,0.052,0.0518,0.0594,0.0651,0.0584,0.0533,0.0496,0.0453,0.0505,0.0527,0.0477,0.0418,0.034,0.0351,0.0397,0.0499,0.0401,0.0182,-0.0037,-0.0217,-0.0285,-0.0338,-0.0365,-0.0446,-0.0516,-0.053,-0.0672,-0.0628,-0.055,-0.0569,-0.0551,-0.0526,-0.0447,-0.0413,-0.0423,-0.0453,-0.05,-0.0557,-0.0529,-0.0557,-0.0585],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0283,0.033,0.0368,0.0413,0.0461,0.0485,0.0495,0.0495,0.0487,0.049,0.0498,0.0493,0.0478,0.0451,0.0431,0.0424,0.0439,0.0431,0.0381,0.0298,0.0195,0.0099,0.0011,-0.0064,-0.014,-0.0215,-0.0278,-0.0357,-0.0411,-0.0439,-0.0465,-0.0482,-0.0491,-0.0482,-0.0468,-0.0459,-0.0458,-0.0466,-0.0485,-0.0494,-0.0506,-0.0522],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0263,0.019,0.015,0.0181,0.0191,0.0099,0.0038,0.0001,-0.0034,0.0014,0.003,-0.0017,-0.006,-0.0111,-0.0079,-0.0027,0.006,-0.0031,-0.0199,-0.0335,-0.0412,-0.0384,-0.035,-0.0301,-0.0306,-0.03,-0.0252,-0.0315,-0.0217,-0.0111,-0.0104,-0.0069,-0.0035,0.0035,0.0056,0.0036,0.0005,-0.0033,-0.0072,-0.0036,-0.0051,-0.0063],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,-0.8597,-2.5684,-2.536,-3.0983,-1.5518,-1.4545,-2.3197,-2.2872,-1.3896,-0.9246,0.0,0.0,0.0,-0.8908,-2.8235,-2.2036,-0.0312,0.0,-2.7349,-2.5371,-2.282,-2.5059,-0.1533,-0.4604,-2.0895,-2.4434,-3.1512,-1.163,-0.1013,0.0,-4.4148,-7.9327,-9.1094,-9.3294,-7.5234,-7.6073,-7.326,-8.9681,-9.2597,-8.3798,-11.8891,-8.0933,-7.1521,-9.3791,-8.7257,-8.5824,-7.2164,-8.0555,-9.135,-9.8104,-10.542,-11.2122,-9.529,-10.9513,-11.2531],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,1.5959,1.6963,0.8035,0.837,1.7633,2.2432,4.4026,6.3557,7.1146,6.1604,4.0902,4.7542,7.0811,7.2317,4.2991,4.5112,4.7846,4.5447,7.0673,6.738,4.9911,4.6116,3.8526,5.9846,7.1231,8.2292,3.4511,0.0,0.0,0.0,1.9919,1.8993,2.2096,0.3985,0.0769,1.0473,0.0,4.3079,5.3762,2.8487,3.5902,3.7528,5.3032,4.3509,3.1257,2.3592,1.5289,0.7682,2.6786,1.0644,0.7218],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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