{
  "ticker": {
    "uuid": "0ca7adab-eb16-46b0-af13-a38abfacbfb3",
    "symbol": "RIOL",
    "name": "Amundi MSCI Brazil UCITS ETF Acc",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3c",
    "phase_label": "Stage 3C \u00b7 Breakdown watch",
    "transition": "stage_3_to_4_watch",
    "transition_label": "Stage 3 \u2192 4 watch",
    "confidence": 84.091,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Upper balance after advance",
    "architecture_gate": "down",
    "architecture_direction": -34.224,
    "architecture_energy": 22.361,
    "architecture_maturity": 20.777,
    "architecture_confidence": 56.537,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 53.58,
        "rotation_up": 33.55,
        "upward_expansion": 20.42,
        "deceleration": 42.08,
        "rotation_down": 24.19,
        "downward_expansion": 54.42
      },
      "activity_lines": [
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        2193.69914
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 2139.25,
    "trend_reference": 2205.078333,
    "distance_from_trend": -0.029853,
    "trend_direction": "Improving",
    "fair_value": 1771.95609,
    "distance_from_fair_value": 0.207282,
    "fair_value_direction": "Weakening",
    "relative_strength": -2.798849,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.027945,
    "excess_performance": -0.07918,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.029853,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.033721,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.207282,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.128533,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.027988,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.186169,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.027945,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.440122,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 32921,
      "relative_activity": 0.868229,
      "balance": 0.440122,
      "dry_up": 0.963179,
      "accumulation_observations": 2,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.033791,
      "annualized_volatility": 0.208233,
      "from_high_reference": -0.146349,
      "from_low_reference": 0.357392
    },
    "levels": {
      "trend_reference": 2205.078333,
      "fair_value_reference": 1771.95609,
      "structural_low": 2055.0,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 12,
        "median_return": -0.003995,
        "positive_rate": 0.416667,
        "directional_follow_through": 0.416667,
        "median_excess_return": -0.005449,
        "regime_survival": 0.416667,
        "best_return": 0.074759,
        "worst_return": -0.102205,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.025757,
        "positive_rate": 0.714286,
        "directional_follow_through": 0.714286,
        "median_excess_return": 0.046798,
        "regime_survival": 0.285714,
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        "worst_return": -0.106371,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.092149,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.059811,
        "regime_survival": 0.25,
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        "worst_return": -0.099063,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
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        "worst_return": -0.090379,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "start": "2024-05-31",
        "end": "2024-08-30",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-10-18",
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        "tenure": "Established",
        "return": 0.000828,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "end": "2025-02-28",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
        "return": 0.098675,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-08-01",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2025-08-22",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "deceleration",
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      },
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        "regime": "upward_expansion",
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        "regime": "rotation_down",
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        "active": true
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 36877.55,
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        "relative_strength": 0.517389,
        "stage": 3,
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      },
      {
        "date": "2026-07-24",
        "close": 2196.0,
        "volume": 24870,
        "typical_volume": 37431.45,
        "trend": 2189.714998,
        "fair_value": 1766.063142,
        "relative_strength": 1.808641,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -8.668056,
        "energy": 13.108998,
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      },
      {
        "date": "2026-07-31",
        "close": 2213.25,
        "volume": 40454,
        "typical_volume": 38121.5,
        "trend": 2199.919999,
        "fair_value": 1769.119872,
        "relative_strength": 1.058869,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "down",
        "direction": -21.713747,
        "energy": 21.965608,
        "activity_lines": [
          2179.666667,
          2151.495455,
          2178.6,
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      },
      {
        "date": "2026-08-07",
        "close": 2139.25,
        "volume": 32921,
        "typical_volume": 37917.4,
        "trend": 2205.078333,
        "fair_value": 1771.95609,
        "relative_strength": -2.798849,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "down",
        "direction": -34.223853,
        "energy": 22.361219,
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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."
    }
  }
}