{
  "ticker": {
    "uuid": "0a469895-abbb-40a3-916f-569cb5ecfcd1",
    "symbol": "EWJ",
    "name": "iShares MSCI Japan ETF",
    "exchange": "MEX",
    "country": "MX",
    "assetType": "etf"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^MXX",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 58.043,
    "architecture_energy": 29.508,
    "architecture_maturity": 58.225,
    "architecture_confidence": 90.081,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 29.8,
        "rotation_up": 33.49,
        "upward_expansion": 58.37,
        "deceleration": 88.25,
        "rotation_down": 26.86,
        "downward_expansion": 19.7
      },
      "activity_lines": [
        1620.509334,
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        1606.447138,
        1587.899078
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 1655.430054,
    "trend_reference": 1565.197107,
    "distance_from_trend": 0.05765,
    "trend_direction": "Improving",
    "fair_value": 1315.534042,
    "distance_from_fair_value": 0.258371,
    "fair_value_direction": "Improving",
    "relative_strength": 6.820276,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.075653,
    "excess_performance": 0.13032,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.05765,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.033857,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.258371,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.012933,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.068203,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.087601,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.075653,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.029755,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 11127,
      "relative_activity": 0.097244,
      "balance": 1.029755,
      "dry_up": 0.194952,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.023798,
      "annualized_volatility": 0.190663,
      "from_high_reference": -0.011093,
      "from_low_reference": 0.182151
    },
    "levels": {
      "trend_reference": 1565.197107,
      "fair_value_reference": 1315.534042,
      "structural_low": 1474.0,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 8,
        "median_return": 0.031187,
        "positive_rate": 0.875,
        "directional_follow_through": 0.875,
        "median_excess_return": -0.00425,
        "regime_survival": 0.375,
        "best_return": 0.085389,
        "worst_return": -0.006365,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.032085,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.029459,
        "regime_survival": 0.0,
        "best_return": 0.109704,
        "worst_return": -0.091269,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.082443,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.027804,
        "regime_survival": 0.0,
        "best_return": 0.224713,
        "worst_return": -0.161641,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.055768,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.008642,
        "regime_survival": 0.0,
        "best_return": 0.181419,
        "worst_return": -0.292955,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-12-08",
        "end": "2024-04-12",
        "tenure": "Established",
        "return": 0.042857,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-04-19",
        "end": "2024-06-07",
        "tenure": "Developing",
        "return": 0.104958,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-06-14",
        "end": "2024-12-27",
        "tenure": "Extended",
        "return": 0.107157,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-03",
        "end": "2025-02-07",
        "tenure": "Developing",
        "return": 0.021963,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-14",
        "end": "2025-03-28",
        "tenure": "Developing",
        "return": 0.000383,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-04-04",
        "end": "2025-04-18",
        "tenure": "New",
        "return": 0.063813,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-25",
        "end": "2025-05-02",
        "tenure": "New",
        "return": 0.024459,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-05-09",
        "end": "2025-08-15",
        "tenure": "Established",
        "return": 0.07173,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-22",
        "end": "2025-12-12",
        "tenure": "Established",
        "return": 0.019262,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2026-01-09",
        "tenure": "New",
        "return": 0.057869,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2026-03-20",
        "tenure": "Developing",
        "return": -0.019205,
        "active": false
      },
      {
        "regime": "deceleration",
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        "active": false
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      {
        "regime": "upward_expansion",
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        "active": false
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      {
        "regime": "deceleration",
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        "return": 0.031421,
        "active": true
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
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        "volume": 18751,
        "typical_volume": 114555.7,
        "trend": 1560.616105,
        "fair_value": 1311.365568,
        "relative_strength": 3.628387,
        "stage": 2,
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      },
      {
        "date": "2026-08-07",
        "close": 1655.430054,
        "volume": 11127,
        "typical_volume": 114424.1,
        "trend": 1565.197107,
        "fair_value": 1315.534042,
        "relative_strength": 6.820276,
        "stage": 2,
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    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}