{"schema_version":"1.0","name":"DRGN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d59b9a3a-c88b-49e6-8d50-ac09f5d81ed7","symbol":"DRGN","name":"Global X China Tech ETF","exchange":"ASX","country":"AU","asset_type":"etf","currency":"AUD","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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, Range pressure and compression, Acceleration, deceleration and rollover, Drawdown and recovery pressure, 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":68,"displayedObservations":68,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure 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The zone is a watch area rather than a directional signal.","tone":"negative"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. 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The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":75.0,"averageReturn":-0.9,"sample":4},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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, 75.0% of comparable cases moved lower after 12 weeks, with an average move of -0.9% across 4 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 3 cases. Distinct visits lasted 1.7 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 8.7% across 5 completed cases, with the largest move arriving after 7.2 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."},{"eyebrow":"Position management","title":"Size for the path, not only the eventual long reward","tone":"positive","finding":"Across 1 completed accumulation cycles, the average gross long opportunity was 15.7%, while the average adverse move was 2.2%.","approach":"Scale exposure only as confirmation improves, and keep enough risk capacity to survive the ticker's observed adverse path.","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":[{"date":"2026-05-01","price":11.946945}],"reversal_warnings":[{"date":"2026-05-29","price":13.306065}],"reversal_dangers":[{"date":"2026-06-12","price":12.830848}]}},"smTape":{"available":true,"dates":["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","2026-03-06","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":[10.21,10.24,10.34,9.93,10.08,9.99,9.94,10.31,10.26,10.3,10.73,10.82,10.82,10.67,11.4,12.2,12.43,12.18,13.13,13.62,13.97,14.17,13.73,12.88,13.6729,13.37,13.47,12.9,12.23,12.9,12.65,12.91,12.81,12.8,12.99,12.88,13.29,12.8,12.505,11.76,11.5,11.59,11.38,11.37,11.48,11.69,11.7,11.25,12.01,12.59,12.42,11.9469,12.1275,12.5267,12.6788,13.3061,13.2585,12.8308,13.3631,13.3156,13.33,13.29,12.1,12.1,11.75,12.25,11.77,11.51],"consensus":[33.3333,-92.0,0.0,-47.2593,-8.7796,-29.9696,-34.3948,45.2644,0.0,23.4019,61.6705,36.816,19.9908,8.2884,75.9947,86.1183,57.2323,12.1194,79.1736,72.7386,67.5234,57.3087,0.0,-32.598,56.4044,-15.133,20.8326,-28.9622,-55.1587,24.9067,-24.8497,9.7836,0.0,-11.107,15.7685,-11.5828,35.5588,-27.815,-32.7565,-61.4425,-55.6811,-35.4613,-53.9046,-23.2711,0.0,0.0,0.0,-48.5103,41.4616,52.6609,0.0,-8.4588,19.1334,32.6936,27.2565,60.4181,15.6607,11.7247,25.6819,0.0,11.1992,10.5791,-51.9069,-30.5387,-50.0461,9.7743,-48.1955,-42.3702],"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":[45.1199,2.1826,82.3529,67.1996,62.1224,52.1352,0.0,-28.4576,70.1669,-12.6389,28.9637,-31.2635,-51.2849,30.92,-20.0606,14.438,0.0,-12.9383,17.1102,-12.3797,35.6411,-31.6836,-30.9872,-59.2051,-59.171,-31.5888,-54.8419,-14.4155,0.0,0.0,0.0,-59.0493,42.2883,51.3181,0.0,-13.71,20.609,28.5327,25.7544,57.9173,0.8806,6.3421,15.6431,0.0,8.0743,0.0893,-53.5017,-26.9179,-41.3445,16.7143,-49.0959,-42.9337],"force":[58.5724,45.8113,85.0262,81.2696,67.3891,42.7402,0.0,-90.186,71.9522,-52.8082,12.9884,-63.8245,-74.1114,67.6599,-27.4045,17.4176,0.0,-10.4832,19.5652,-20.2196,48.3672,-47.5726,-33.584,-70.6616,-41.4043,-9.3945,-43.4626,-0.6709,0.0,0.0,0.0,-48.4418,73.7269,68.3252,0.0,-29.4541,30.21,57.7735,22.6224,70.1694,11.5996,1.0163,11.5418,0.0,7.5456,6.2816,-60.581,-18.7672,-63.0061,57.4577,-62.8651,-37.0357],"direction":[70.1177,64.8548,71.3596,72.9753,73.792,73.6272,0.0,-3.8044,29.5703,-8.9275,17.1429,-1.4304,-46.0482,12.5035,-28.498,0.9885,0.0,-9.4597,11.5233,-4.503,26.316,-9.2811,-34.1874,-57.4144,-61.8904,-58.5063,-60.2919,-50.493,0.0,0.0,0.0,-36.5145,17.4702,43.0067,0.0,-12.5393,9.5351,19.5347,32.2831,56.3108,54.0367,26.977,47.2549,0.0,28.1597,34.6108,-43.8884,-43.085,-50.7337,32.2168,-36.6882,-45.5366],"intensity":[87.5,47.0588,100.0,94.7368,65.0,47.619,72.7273,100.0,83.3333,100.0,100.0,66.6667,78.5714,65.5172,30.0,32.2581,53.125,60.6061,17.6471,17.1429,47.2222,62.1622,65.7895,79.4872,70.0,9.7561,21.4286,44.186,18.1818,73.3333,17.3913,59.5745,83.3333,75.5102,64.0,84.3137,26.9231,92.3077,25.0,67.3077,69.2308,96.1538,100.0,34.6154,28.8462,21.1538,100.0,5.7692,55.7692,46.1538,44.2308,26.9231],"confirmation":[86.5397,12.0372,93.4655,91.6208,89.6857,85.9736,36.9337,58.3945,86.3135,30.6,74.3035,55.6286,86.2874,34.5156,76.1027,48.8367,25.0358,71.5073,73.1412,49.2909,79.7679,77.444,78.5343,87.9767,85.3297,78.6122,84.9169,52.3285,6.2245,4.7865,2.6883,83.3606,82.2384,85.3493,6.741,28.6084,74.4378,79.2897,76.6037,87.6691,7.0951,26.3291,75.9402,5.7253,50.0032,27.038,84.8502,77.4688,84.5423,34.0148,83.8559,89.3873],"persistence":[100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,62.5,37.5,37.5,12.5,12.5,12.5,25.0,0.0,12.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,50.0,50.0,75.0,75.0,87.5,75.0,62.5,62.5,37.5,12.5,0.0,0.0,12.5,25.0,37.5,62.5,62.5,62.5,75.0,87.5,87.5,87.5,62.5,37.5,12.5,12.5,12.5,25.0],"assessmentRisk":[21.382,43.9328,10.4043,13.5876,16.2161,21.3443,44.193,28.9143,53.9619,37.5912,33.1892,16.3157,21.9285,46.3408,32.2525,3.914,37.9419,4.8012,22.8103,2.5687,22.9746,13.9075,26.4809,18.8294,22.1472,32.1376,22.9905,31.4505,0.6588,16.5673,39.1641,5.5308,23.1929,22.503,45.1204,51.263,6.738,25.3016,17.8024,19.7306,41.9555,26.2731,33.6148,0.4601,3.6071,38.2003,23.6441,34.2446,24.8897,53.7366,6.2175,21.3768],"volumeParticipation":true,"latest":{"consensus":-42.4,"control":-42.9,"force":-37.0,"direction":-45.5,"confirmation":89.4,"persistence":25.0,"assessmentRisk":21.4,"intensity":26.9,"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":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-42.4","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-42.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-37.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-45.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"89/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"40.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"6.5%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"18.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"23%","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 downward.","series":[{"label":"Close","values":[10.21,10.24,10.34,9.93,10.08,9.99,9.94,10.31,10.26,10.3,10.73,10.82,10.82,10.67,11.4,12.2,12.43,12.18,13.13,13.62,13.97,14.17,13.73,12.88,13.6729,13.37,13.47,12.9,12.23,12.9,12.65,12.91,12.81,12.8,12.99,12.88,13.29,12.8,12.505,11.76,11.5,11.59,11.38,11.37,11.48,11.69,11.7,11.25,12.01,12.59,12.42,11.9469,12.1275,12.5267,12.6788,13.3061,13.2585,12.8308,13.3631,13.3156,13.33,13.29,12.1,12.1,11.75,12.25,11.77,11.51],"stroke":"#10243b","width":2.1},{"label":"Fast 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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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