{"schema_version":"1.0","name":"FNX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"c15f0d39-e93d-4975-94d0-2777709d0812","symbol":"FNX","name":"Fonix Plc","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Technology","industry":"Software - Infrastructure"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Acceleration, deceleration and rollover, Range position and boundary pressure, Activity pressure and cumulative balance."},{"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":260,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":19,"completedEpisodes":19,"activeEpisodes":0,"medianExpectedMove":6.1,"averageExpectedMove":9.1,"averageWeeksToLargestMove":7.2,"horizons":[{"weeks":4,"sample":19,"expectedCount":9,"expectedPercent":47.4,"averageReturn":-0.4,"medianReturn":-1.0,"confidenceLow":27.3,"confidenceHigh":68.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":19,"expectedCount":9,"expectedPercent":47.4,"averageReturn":2.3,"medianReturn":-0.5,"confidenceLow":27.3,"confidenceHigh":68.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":17,"expectedCount":10,"expectedPercent":58.8,"averageReturn":3.5,"medianReturn":4.2,"confidenceLow":36.0,"confidenceHigh":78.4,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.0,"sample":19},{"week":2,"averageReturn":-1.0,"sample":19},{"week":3,"averageReturn":-0.5,"sample":19},{"week":4,"averageReturn":-0.4,"sample":19},{"week":5,"averageReturn":-1.2,"sample":19},{"week":6,"averageReturn":-1.4,"sample":19},{"week":7,"averageReturn":0.5,"sample":19},{"week":8,"averageReturn":1.4,"sample":19},{"week":9,"averageReturn":1.8,"sample":19},{"week":10,"averageReturn":1.3,"sample":19},{"week":11,"averageReturn":2.8,"sample":19},{"week":12,"averageReturn":2.3,"sample":19},{"week":13,"averageReturn":2.3,"sample":19},{"week":14,"averageReturn":2.3,"sample":19},{"week":15,"averageReturn":0.5,"sample":18},{"week":16,"averageReturn":1.7,"sample":18},{"week":17,"averageReturn":1.7,"sample":18},{"week":18,"averageReturn":2.8,"sample":18},{"week":19,"averageReturn":3.4,"sample":18},{"week":20,"averageReturn":3.1,"sample":18},{"week":21,"averageReturn":2.6,"sample":18},{"week":22,"averageReturn":3.0,"sample":18},{"week":23,"averageReturn":3.3,"sample":18},{"week":24,"averageReturn":2.3,"sample":18},{"week":25,"averageReturn":2.8,"sample":18},{"week":26,"averageReturn":3.5,"sample":17}]}},"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":"Underlying strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":47.4,"averageReturn":2.3,"sample":19},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"In this ticker's completed record, 47.4% of comparable cases moved higher after 12 weeks, with an average move of 2.3% across 19 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, 50.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 2.0 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 9.1% across 19 completed cases, with the largest move arriving after 7.2 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":[],"distribution_rollovers":[],"price_pressure_gaps":[]}},"smTape":{"available":true,"dates":["2024-08-16","2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","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","2026-03-13","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"],"close":[237.2521,235.7536,233.2562,238.7505,234.7547,235.7536,209.7808,223.7661,229.7599,232.2573,235.7536,239.7495,233.2562,235.2542,217.3277,211.8321,210.8329,224.8218,225.821,219.3262,224.8218,213.8305,205.8369,217.8273,217.357,223.8528,222.3538,224.3524,226.8508,208.8626,192.8732,180.3814,183.4071,186.9053,197.8998,192.9023,215.8906,229.8836,235.8805,227.8846,208.3944,207.395,223.3868,214.8911,224.3863,227.3848,224.8861,226.8851,222.3873,217.8896,214.8911,224.8861,217.8896,214.3914,211.8927,217.8896,217.3899,216.8901,203.8967,201.8977,189.9038,186.4056,194.4015,184.9063,180.9084,187.9048,187.9623,193.9611,196.9605,183.9631,167.4664,164.9669,174.9649,171.9655,182.9633,182.4634,188.9621,177.4644,168.9661,170.4658,171.4656,151.4696,156.9685,147.5,156.5,173.0,160.0,176.0,171.0,169.5,157.5,157.5,158.5,147.5,152.0,150.0,152.5,161.5,159.25,156.0,168.5,177.0,172.0,172.5],"consensus":[-9.2912,-12.7329,-23.5034,13.8552,-19.286,0.0,-64.5159,9.1298,13.0904,0.0,22.2029,20.7013,-11.7185,10.5823,-51.7379,-35.2056,-38.7772,16.1162,0.0,-15.8853,17.326,-36.6264,-40.7347,19.881,-9.8666,18.7743,9.8016,16.4879,11.5918,-49.0777,-62.7663,-63.9654,-31.0306,-17.8951,14.4046,-16.5569,55.1304,58.2795,54.9616,10.7695,-36.3955,-10.723,33.2598,-18.4425,38.5628,30.1141,0.0,25.7854,-9.4514,-12.3677,-19.386,29.8911,-16.3834,-14.5808,-20.7971,0.0,0.0,0.0,-52.7505,-28.0806,-67.4221,-45.1172,0.0,-58.6284,-45.2931,11.7092,-19.1561,16.1216,23.6241,-42.2366,-51.3699,-45.7849,0.0,-21.2507,28.313,9.9832,27.7356,-22.6284,-41.6839,-16.3592,-16.7057,-62.573,0.0,-60.2567,0.0,45.4714,-33.737,49.7921,0.0,0.0,-38.1183,-23.5693,-9.1961,-44.8986,0.0,-21.928,0.0,33.0449,0.0,0.0,52.8946,59.4899,0.0,29.6401],"supportDates":["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","2026-03-13","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"],"control":[-16.4876,-14.5357,-25.1933,0.0,0.0,0.0,-48.9313,-20.7435,-70.4192,-39.4905,0.0,-58.2367,-46.7414,10.8395,-16.0737,11.3959,16.4205,-44.4387,-45.9401,-50.7777,0.0,-15.0335,26.9261,4.754,21.8637,-32.9498,-45.645,-13.3979,-11.7456,-59.9504,0.0,-56.8612,0.0,41.4136,-44.4514,44.6923,0.0,0.0,-45.6789,-21.5913,-0.9953,-48.7685,0.0,-21.3078,0.0,36.2252,0.0,0.0,42.4282,54.0787,0.0,24.451],"force":[-26.6191,-13.8994,-16.0933,0.0,0.0,0.0,-81.0649,-17.2818,-76.397,-33.7548,0.0,-65.3748,-35.995,64.5366,-5.124,40.7966,43.4404,-57.1018,-63.2738,-28.7939,0.0,-11.5101,52.2959,12.5888,40.8514,-33.0124,-44.4478,-1.4442,-5.0106,-80.0316,0.0,-75.3489,0.0,75.708,-50.2138,76.1733,0.0,0.0,-50.5953,-13.2873,-2.8381,-36.7263,0.0,-8.5093,0.0,38.818,0.0,0.0,84.043,77.1967,0.0,17.6712],"direction":[-8.9532,-15.1191,-19.1327,0.0,0.0,0.0,-36.8906,-44.1793,-57.5862,-59.6638,0.0,-54.2571,-50.2795,25.0307,-32.7017,3.8973,17.7022,-29.102,-49.0727,-52.2152,0.0,-35.3136,12.7673,14.0983,25.0779,-3.4155,-35.1828,-30.3971,-30.728,-53.0999,0.0,-53.3571,0.0,28.5114,-9.7228,36.7768,0.0,0.0,-20.5653,-33.1743,-27.1644,-46.3134,0.0,-32.2216,0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Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+29.6","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+24.5","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+17.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+44.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"77/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"13.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"79%","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 is rotating through its trend 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