{"schema_version":"1.0","name":"EMME Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"be1e5368-441c-47f9-b587-e874f29e00d8","symbol":"EMME","name":"iShares Emerging Markets Equity Enhanced Active UCITS ETF USD (Dist)","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"The technical trend and the underlying tape are moving in opposite directions. Price is holding its upward structure without confirmation from Market Dynamics.","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":"The technical trend and the underlying tape are moving in opposite directions. 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The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is upward","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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","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."}]},"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":[3.6894,3.7033,3.6614,3.6745,3.6795,3.7927,3.8808,3.9182,3.9349,3.952,3.9941,4.0639,4.1797,4.248,3.9376,3.9291,3.8716,3.8193,3.9027,4.1297,4.326,4.3042,4.332,4.5865,4.554,4.5803,4.7505,4.6203,4.7607,4.9815,4.7983,4.7565,4.6893,4.3883,4.4698,4.4075,4.523,4.591,4.5855],"consensus":[-100.0,94.0491,-100.0,100.0,8.0591,21.5653,22.4194,12.6251,19.2752,0.0,21.0882,17.4101,34.7829,33.3326,-32.7555,-12.1904,-23.3714,-26.2792,8.6058,45.9917,49.0806,33.7798,36.2462,66.0936,22.7924,40.9583,49.5568,13.2352,49.5083,37.2609,19.8292,18.4127,14.7738,-26.6619,0.0,-26.6406,0.0,21.8449,-4.7034],"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,28.1812,30.5909,9.1974,22.3755,0.0,25.648,13.9089,41.8132,32.3958,-32.5622,-14.7004,-26.1725,-26.1958,13.6777,45.601,55.6335,38.8959,40.3683,66.6735,22.01,45.692,43.8781,13.2617,60.9169,29.4275,32.4926,15.964,27.6652,-15.9051,0.0,-20.6089,0.0,23.0417,-2.2599],"force":[-100.0,94.0491,-100.0,100.0,20.4408,30.0959,17.9396,9.527,13.6251,0.0,19.3579,16.1515,25.9556,27.8519,-72.343,-11.5787,-25.8866,-27.6133,19.3372,77.5239,48.3682,15.8652,23.0411,84.4776,6.2353,26.5195,51.4475,11.6371,34.76,20.0018,19.6996,0.1618,2.3239,-22.1609,0.0,-20.1168,0.0,26.4954,-0.2313],"direction":[null,null,null,null,0.785,7.911,16.2803,18.7554,19.768,0.0,17.113,22.3106,33.0535,38.318,-4.6996,-9.7587,-18.3735,-25.4216,4.8558,23.9153,42.1005,40.7289,40.9676,52.2994,44.4208,45.8616,54.6965,30.9708,47.0044,58.5413,33.5916,34.2474,8.9336,-42.1703,0.0,-38.1937,0.0,17.1555,-11.0206],"intensity":[null,null,null,null,50.0,80.0,83.3333,57.1429,12.5,55.5556,30.0,81.8182,75.0,61.5385,92.8571,80.0,37.5,52.9412,50.0,89.4737,85.0,47.619,31.8182,91.3043,50.0,40.0,92.3077,77.7778,75.0,89.6552,80.0,6.4516,46.875,93.9394,73.5294,68.5714,69.4444,32.4324,5.2632],"confirmation":[54.6667,52.7624,54.6667,54.6667,26.0628,52.3934,74.9132,71.9979,73.9486,24.5806,74.626,73.5862,78.7544,78.5137,57.0245,71.844,75.5128,76.4513,49.3729,83.6843,83.5842,78.1856,79.1335,89.7014,53.0844,80.5945,84.0023,28.6261,83.2193,79.5169,31.8169,50.7065,49.4851,76.5585,6.1734,76.4181,28.4286,75.1139,17.3577],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,62.5,87.5,87.5,87.5,87.5,62.5,37.5,12.5,0.0,0.0,0.0,0.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,62.5,37.5,25.0,25.0,12.5],"assessmentRisk":[null,null,null,null,24.3228,36.3651,38.7664,43.6829,40.3609,47.0081,39.0348,41.2116,32.6065,33.3336,8.3591,37.0719,38.0286,36.8278,20.3453,23.7172,25.3787,33.0576,31.7523,16.7943,34.6379,27.5497,24.8999,7.3062,22.2635,31.2451,6.9984,28.4386,31.6604,36.6217,44.6775,35.5124,43.797,33.3096,30.7998],"volumeParticipation":true,"latest":{"consensus":-4.7,"control":-2.3,"force":-0.2,"direction":-11.0,"confirmation":17.4,"persistence":12.5,"assessmentRisk":30.8,"intensity":5.3,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-4.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-2.3","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-0.2","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-11.0","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"17/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"57.2","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.0%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"32.1","detail":"Directional","tone":"positive"},{"label":"Range position","value":"66%","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":[3.6894,3.7033,3.6614,3.6745,3.6795,3.7927,3.8808,3.9182,3.9349,3.952,3.9941,4.0639,4.1797,4.248,3.9376,3.9291,3.8716,3.8193,3.9027,4.1297,4.326,4.3042,4.332,4.5865,4.554,4.5803,4.7505,4.6203,4.7607,4.9815,4.7983,4.7565,4.6893,4.3883,4.4698,4.4075,4.523,4.591,4.5855],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,3.6834,3.7032,3.7355,3.7687,3.7989,3.8268,3.8572,3.8948,3.9466,4.0014,3.9898,3.9788,3.9593,3.9338,3.9282,3.9648,4.0305,4.0802,4.126,4.2097,4.2723,4.3283,4.4051,4.4442,4.5018,4.589,4.627,4.6506,4.6576,4.6086,4.5834,4.5514,4.5462,4.5544,4.56],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,3.823,3.8545,3.8607,3.8657,3.8662,3.8627,3.8657,3.8852,3.9179,3.9465,3.975,4.0203,4.0599,4.0984,4.1467,4.1818,4.2247,4.2807,4.3191,4.3515,4.3765,4.3774,4.3842,4.3859,4.3961,4.4105,4.4235],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,4.0181,4.056,4.1058,4.1811,4.2567,4.2487,4.2404,4.229,4.217,4.2092,4.2306,4.2966,4.3454,4.3858,4.4814,4.5466,4.6137,4.7146,4.7712,4.848,4.9637,5.0234,5.0698,5.103,5.1069,5.101,5.0852,5.0595,5.0116,4.9548],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,3.5592,3.5587,3.5516,3.5304,3.5108,3.526,3.5395,3.5488,3.5529,3.5626,3.5656,3.5633,3.5745,3.6012,3.5969,3.6191,3.6308,3.6169,3.6304,3.6362,3.6235,3.6442,3.667,3.6848,3.695,3.7541,3.8177,3.9085,4.0336,4.1587],"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,11.7637,12.366,11.7357,11.2878,10.8599,10.1686,9.3038,8.6002,8.2411,7.7358,7.188,6.9778,6.7214,6.3466,6.2608,5.8528,5.5355,5.655,5.3599,5.2015,5.7069,5.5171,5.6054,5.3232,5.0646,4.9994],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,12.1128,13.0609,14.4742,16.877,19.2077,18.5907,18.0183,17.4909,17.094,16.639,17.0611,18.6592,19.467,19.6477,21.8973,22.7174,23.8434,26.3511,27.1575,28.566,31.2138,31.825,32.1115,32.2761,32.0817,30.4213,28.4744,25.6685,21.6259,17.4698],"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,48.4552,48.105,48.246,48.9984,48.0771,47.1444,45.5796,42.4278,40.3288,37.6645,35.4272,33.6126,32.0956],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,6.3082,6.0115,5.8946,5.7875,5.6624,5.4953,8.5679,12.1199,11.8038,12.4119,17.2078,17.5101,16.7829,21.1963,20.5146,23.3774,28.1062,26.5228,26.2126,25.4411,23.0084,27.3961,25.3922,25.8558,26.7733,26.4461],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.8995,4.7087,4.8487,4.7505,6.4067,6.7826,6.5053,6.2382,6.0756,5.9716,5.6365,5.43,6.8866,6.5297,8.0668,7.7762,7.2963,12.4529,12.6154,15.1872,22.3487,21.075,23.8991,22.7718,21.8956,20.6216],"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,0.0976,0.1165,0.1052,0.0945,0.0804,0.0643,0.0576,0.0698,0.0942,0.1105,0.1243,0.1539,0.1728,0.1878,0.2109,0.2162,0.2291,0.2543,0.2564,0.2519,0.2401,0.2041,0.18,0.1542,0.1414,0.1352,0.1284],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0965,0.0901,0.0836,0.0808,0.0835,0.0889,0.096,0.1076,0.1206,0.1341,0.1494,0.1628,0.1761,0.1917,0.2046,0.2141,0.2193,0.2162,0.209,0.198,0.1867,0.1764,0.1668],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.0162,-0.0258,-0.026,-0.011,0.0107,0.0216,0.0283,0.0464,0.0522,0.0537,0.0615,0.0534,0.0531,0.0626,0.0518,0.0378,0.0208,-0.0122,-0.029,-0.0438,-0.0453,-0.0412,-0.0384],"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,330.4524,18.106,0.0,85.2036,171.3707,7.2312,598.5687,168.7273,10.412,0.0183,49.2916,23.9698,125.689,22.87,243.1723,5.7749,361.4778,329.4479,51.5145,75.9589,0.0,0.6296,2.1036,42.3281,0.0,0.6629,3.6914,64.8121,6.3319,7.4281,6.0857,74.6571],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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