Maintain COF at Hold while deploying a tiered scale-in framework: initiate 1.5% at $213-215 on a 10 EMA retest, with 1-1.5% addition on confirmation, or alternatively scale to 2% on a confirmed close above $223.37 with volume >5M shares. Hard stop set at $206.52 (200 SMA close); Q3 2026 earnings in late October/early November serves as the binary confirmation window for upgrade to Overweight or downgrade to Underweight.