{"schema_version":"1.0","name":"VGN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"bb0c6c6f-eccf-42b7-985a-083a5667ac99","symbol":"VGN","name":"Virgin Australia Holdings Ltd","exchange":"ASX","country":"AU","asset_type":"equity","currency":"AUD","sector":"Industrials","industry":"Airlines"},"summary":"Market Dynamics eased this week but remains positive. 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, Strength versus the research benchmark, Drawdown and recovery pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, 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":"2026-08-14","observations":60,"displayedObservations":60,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. 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Price must respond to the improvement before the downward technical state can be considered 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clear response.","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":"positive","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price remains downward while Market Dynamics is positive","detail":"The positive Market Dynamics reading has not yet reversed the downward price structure."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 1.5 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-22.3","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-26.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-36.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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trend references are aligned downward.","series":[{"label":"Close","values":[3.18,2.98,3.11,3.27,3.16,3.18,3.28,3.27,3.18,3.45,3.36,3.22,3.35,3.64,3.7,3.6,3.45,3.35,3.31,3.22,3.14,3.01,3.03,3.02,3.22,3.45,3.51,3.48,3.33,3.27,3.25,3.13,2.99,3.26,3.2,3.14,2.9,2.73,2.45,2.4,2.3,2.45,2.54,2.2,2.16,2.52,2.39,2.45,2.76,2.61,2.56,2.84,3.09,3.03,2.98,2.8,2.65,2.78,2.86,2.73],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,3.1613,3.1647,3.1857,3.201,3.1972,3.2432,3.2644,3.2563,3.2734,3.34,3.4055,3.4408,3.4425,3.4257,3.4047,3.3711,3.3291,3.2711,3.2272,3.1895,3.1951,3.2414,3.2903,3.3248,3.3257,3.3156,3.3037,3.2721,3.2208,3.2279,3.2228,3.2078,3.1518,3.0751,2.9615,2.8594,2.7577,2.7017,2.6723,2.5865,2.5089,2.5109,2.4889,2.4819,2.5324,2.5465,2.549,2.6019,2.6906,2.7523,2.7937,2.7949,2.7685,2.7706,2.7869,2.7765],"stroke":"#176fa3","width":1.7},{"label":"Slow 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envelope","values":[null,null,null,null,null,null,null,null,null,2.9714,2.9794,2.9896,2.9981,2.9518,2.9191,2.9198,2.9339,2.9462,2.9557,2.9574,2.952,2.9588,2.9441,2.9106,2.917,2.9292,2.9316,2.9372,2.9511,2.9442,2.9372,2.9259,2.8826,2.8923,2.9151,2.9257,2.8814,2.7964,2.6441,2.51,2.3739,2.2967,2.2421,2.1248,2.0122,1.987,1.9616,1.957,1.9736,1.9825,1.9945,2.01,2.0026,2.0281,2.0513,2.0779,2.082,2.0814,2.0945,2.1189],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"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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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,-6.2893,-2.2013,0.0,-3.3639,-2.7523,0.0,-0.3049,-3.0488,0.0,-2.6087,-6.6667,-2.8986,0.0,0.0,-2.7027,-6.7568,-9.4595,-10.5405,-12.973,-15.1351,-18.6486,-18.1081,-18.3784,-12.973,-6.7568,-5.1351,-5.9459,-10.0,-11.6216,-12.1622,-15.4054,-19.1892,-11.8919,-13.5135,-15.1351,-21.6216,-26.2162,-33.7838,-35.1351,-37.8378,-33.7838,-31.3514,-40.5405,-41.6216,-31.8919,-35.4054,-33.7838,-25.4054,-29.4595,-30.8108,-23.2432,-16.4865,-18.1081,-19.4595,-24.3243,-28.3784,-24.8649,-22.7027,-26.2162],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,9.7315,6.7114,15.7718,12.7517,8.0537,12.4161,22.1477,24.1611,20.8054,15.7718,12.4161,11.0738,8.0537,5.3691,1.0067,1.6779,1.3423,8.0537,15.7718,17.7852,15.6146,10.6312,8.6379,7.9734,3.9867,0.0,9.0301,7.0234,5.0167,0.0,0.0,0.0,0.0,0.0,6.5217,10.4348,0.0,0.0,16.6667,10.6481,13.4259,27.7778,20.8333,18.5185,31.4815,43.0556,40.2778,37.963,29.6296,22.6852,28.7037,32.4074,26.3889],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,39.3434,43.8487,124.9055,40.1811,31.0313,105.3295,79.6496,125.7011,79.8651,82.219,123.1651,56.4825,79.3654,64.3367,94.4484,308.9412,74.7457,105.6354,176.4571,21.4916,13.1872,52.4987,112.4795,34.0388,40.0723,69.7659,58.3969,44.5767,81.0469,81.2907,86.6072,95.3688,132.631,122.4733,86.4415,212.9375,160.9194,122.4291,115.4335,63.2979,174.0891,101.0746,9.0941,18.1343,17.257,10.6905,10.903,13.0842,66.3536,63.6563,66.9497,85.3172,47.925],"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,0.0377,0.065,0.0904,0.1013,0.0967,0.084,0.0699,0.0509,0.0291,0.0012,-0.019,-0.0354,-0.0319,-0.0105,0.0113,0.0257,0.0248,0.0191,0.0127,-0.002,-0.0246,-0.0206,-0.0219,-0.0275,-0.0507,-0.0819,-0.1277,-0.1662,-0.2024,-0.2165,-0.2179,-0.2436,-0.2642,-0.2486,-0.2439,-0.2326,-0.1964,-0.1778,-0.1652,-0.1311,-0.0829,-0.049,-0.0259,-0.0218,-0.0304,-0.0264,-0.0165,-0.019],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0692,0.0722,0.0717,0.0676,0.0599,0.0481,0.0347,0.0207,0.0102,0.0061,0.0071,0.0108,0.0136,0.0147,0.0143,0.0111,0.0039,-0.001,-0.0052,-0.0096,-0.0179,-0.0307,-0.0501,-0.0733,-0.0991,-0.1226,-0.1416,-0.162,-0.1825,-0.1957,-0.2053,-0.2108,-0.2079,-0.2019,-0.1946,-0.1819,-0.1621,-0.1395,-0.1167,-0.0978,-0.0843,-0.0727,-0.0615,-0.053],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0275,0.0118,-0.0018,-0.0166,-0.0308,-0.0469,-0.0537,-0.0561,-0.0421,-0.0165,0.0042,0.0149,0.0112,0.0043,-0.0016,-0.013,-0.0285,-0.0196,-0.0168,-0.0179,-0.0329,-0.0512,-0.0777,-0.0929,-0.1033,-0.0939,-0.0762,-0.0816,-0.0817,-0.0529,-0.0385,-0.0218,0.0115,0.0241,0.0294,0.0508,0.0792,0.0904,0.0909,0.0759,0.0539,0.0463,0.0449,0.034],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"directional","eyebrow":"Trend 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