EVSM

Eaton Vance Short Duration Municipal Income ETF

NYSE Arca · ETF

49.60

+0.04 (+0.08%)

Close, Oct 16, 2026

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Structural summary

What is the structure, what changed, and what would invalidate it

Viridia Intelligence

Context across dimensions, not a rating

StructureNot enough swingsNeeds more confirmed intermediate swings.

WaveUnresolvedFlat, wave C down (Pattern Confidence 60).

FibonacciAt a zoneNearest confluence 48.96–49 (2 relationships), −1.2% from the close.

MomentumWeak3 months −1.3% (behind SPY by 4.2 points); 6 months −1.7%.

RegimeDowntrend−0.3% vs the 50-day average, −1.3% vs the 200-day.

RiskElevated20-day volatility 2% vs 2% over the year; 1-year drawdown −3.5%; beta 0.02.

EVSM setup historyNot replayed yet; the track record fills in most-traded securities first.

Current structure

Price, swings and the preferred count on the chart

EVSM · 1DLoading bars…

SourceMassive, end of dayUpdated—MethodDaily bars, split-adjusted

Candidate interpretations

Every count shown passes every hard rule

Candidate interpretations

Ranked by Pattern Confidence

Counts ending at the latest minor swing high, 50.88 on Feb 23, 2026. 22 labelings tested, 15 broke a hard rule, 7 remain.

Hard-rule evidence: why 15 labelings were eliminated

9Wave 2 always retraces less than 100% of wave 1
3Wave 4 always retraces less than 100% of wave 3
3Wave B ends short of the start of wave A (a zigzag is a sharp correction)

Method Every chain of 3–6 alternating pivots ending at the latest confirmed pivot is tested as each pattern; only counts with zero hard-rule failures are kept, then ranked by Pattern Confidence. Rules: rulebook.Engine pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1, bars to Oct 16, 2026

Fibonacci map

Confluence zones above and below the closeClose 49.60

49.60close

Bar length is the zone's strength (a weighted count of relationships, not a probability). Select a zone to see what forms it.

48.96 – 49.00−1.2% from the close

2 relationships · strength 1.6 · Minor degree

49.00RetracementMove after the correction retraces 100% of A–C · Minor · Viridia · secondary ratio
48.96ProjectionWave C = 100% of wave A · Minor · Essentials

Method Targets come from the Fibonacci relationships the sources describe for the wave in progress, Elliott trend channels, the prior fourth wave of lesser degree, and 38.2–78.6% retracements of the latest swing. A zone is where two or more independent relationships fall within max(¼ ATR, 0.4%) of each other; strength counts them, weighting primary ratios and higher degrees. It is not a probability.

Evidence

The setup the preferred count implies, and how that kind of setup has done

Setup

Minor degree · from the preferred count

No scenario at minor degree right now

The rules set no stop for the wave in progress, so there is no defined risk. Viridia shows nothing rather than a guess.

NoteResearch scenario generated from Viridia's structural model. Not a recommendation.MethodA setup restates the preferred count as a trade: the entry (the close, or the level where the correction in progress most often ends), the stop where the count is wrong (a rule level, or the end of a finished pattern), and the count's own Fibonacci target. Reward:risk is measured from the middle of the entry range. A setup needs reward:risk of at least 1 : 1. It is research output from the wave count, not a recommendation or a forecast.

Engine details

Analysis engine: pivots-1.0.0+rules-1.0.0+candidates-1.0.0+fib-1.0.1+rank-1.1.0+setup-1.0.1
Bars analysed to: Oct 16, 2026
Price history: Automatic, updated nightly
Daily bars: 514 since Sep 30, 2024
Avg volume, 50 days: 273.0K
Dollar volume, 20 days: $24.3M
SEC CIK: Not matched
Provider symbols: nasdaqtrader: EVSM · massive: EVSM
Listing changes: None since Sep 24, 2026

SourcePrices: Massive (end of day, split-adjusted). Listings: Nasdaq Trader, SECUpdatedOct 19, 2026, 8:00 AM EDTMethodSecurity master, daily snapshot diff

Structure at a glance

Daily chart, as of Oct 16, 2026

Since the count's last pivot (50.88, Feb 23, 2026) price has moved −2.5%, the way the count expects.7 of 7 rule-valid counts expect the current move to be down.

Close call.The top two counts are within 4 points. Treat the structure as unresolved until one is invalidated.

Preferred count

Flat down · wave C ↓

Price is in wave C of a three-wave flat correction down.

A-B from 50.55, Feb 5, 2025

Pattern Confidence60Medium

1 of 1 checks met

Key levels, preferred count

Invalidation

None yet

The rules set no level for this state.

Target, wave C−1.3% from close

48.96

Wave C = 100% of wave A

Nearest confluence zone−1.2% from close

48.96–49.00

2 Fibonacci relationships meet here.

Alternate count

Flat up · complete, next move down ↓

A three-wave flat correction up looks complete, so the larger trend would normally resume down.

A-B-C from 49.00, Apr 9, 2025

Pattern Confidence56Low

3 of 5 checks met

Why this count is preferred · 1 met, 0 not met

Met

The count starts at the price extreme of the prior swing (a new trend begins where the old one ended)

Not met

None.

MethodPattern Confidence = (guidelines met + 2) ÷ (guidelines measured + 4), from the rulebook's guidelines, Fibonacci tendencies and wave-personality checks (wave 3 speed and volume, wave 5 volume, alternation in time, a start at the prior extreme), alternate waves in Fibonacci ratio, and the rarity of running flats. The alternate is the best-ranked count that tells a different story. It ranks the rule-valid counts against each other; it is not a probability of any outcome.

Structural summary

Viridia Intelligence

Current structure

Candidate interpretations

Candidate interpretations

Fibonacci map

Fibonacci map

Evidence

Setup

Engine details

Structure at a glance

What changed