{
  "ticker": {
    "uuid": "1628f711-3aa5-48a2-ba0c-e955ca597ccf",
    "symbol": "SEC",
    "name": "Spheria Emerging Companies Limited",
    "exchange": "ASX",
    "country": "AU",
    "assetType": "equity"
  },
  "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": "^AXJO",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Established contraction",
    "architecture_gate": "down",
    "architecture_direction": -44.702,
    "architecture_energy": 22.239,
    "architecture_maturity": 44.906,
    "architecture_confidence": 94.759,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 37.11,
        "rotation_up": 23.76,
        "upward_expansion": 5.69,
        "deceleration": 45.54,
        "rotation_down": 46.89,
        "downward_expansion": 74.35
      },
      "activity_lines": [
        2.338457,
        2.343989,
        2.349569,
        2.363616
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Stable",
      "price_acceptance": -0.333333
    },
    "latest_close": 2.33,
    "trend_reference": 2.409249,
    "distance_from_trend": -0.032894,
    "trend_direction": "Weakening",
    "fair_value": 2.128036,
    "distance_from_fair_value": 0.094907,
    "fair_value_direction": "Weakening",
    "relative_strength": -10.687673,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.081705,
    "excess_performance": -0.145411,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.032894,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.040184,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.094907,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.075374,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.106877,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.087914,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.081705,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.514454,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 267573,
      "relative_activity": 1.422465,
      "balance": 0.514454,
      "dry_up": 1.147374,
      "accumulation_observations": 1,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.057726,
      "annualized_volatility": 0.319283,
      "from_high_reference": -0.179102,
      "from_low_reference": 0.136076
    },
    "levels": {
      "trend_reference": 2.409249,
      "fair_value_reference": 2.128036,
      "structural_low": 2.050919,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 14,
        "median_return": 0.006266,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.000194,
        "regime_survival": 0.785714,
        "best_return": 0.104,
        "worst_return": -0.122066,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.044368,
        "positive_rate": 0.6,
        "directional_follow_through": 0.4,
        "median_excess_return": 0.034887,
        "regime_survival": 0.4,
        "best_return": 0.237345,
        "worst_return": -0.090022,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.070799,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.333333,
        "median_excess_return": 0.089357,
        "regime_survival": 0.0,
        "best_return": 0.254142,
        "worst_return": -0.117379,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.124198,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.024395,
        "regime_survival": 0.0,
        "best_return": 0.363661,
        "worst_return": -0.115265,
        "sufficient": false
      }
    ],
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        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-11-17",
        "end": "2023-12-22",
        "tenure": "Developing",
        "return": 0.129944,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2023-12-29",
        "end": "2024-01-05",
        "tenure": "New",
        "return": 0.020202,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-01-12",
        "end": "2024-05-03",
        "tenure": "Established",
        "return": 0.082311,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-05-10",
        "end": "2024-08-30",
        "tenure": "Established",
        "return": 0.015138,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
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        "regime": "upward_expansion",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2025-01-03",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "balance",
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        "active": false
      },
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      {
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 185923.7,
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        "energy": 18.409663,
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 189974.75,
        "trend": 2.433146,
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        "relative_strength": -7.108467,
        "stage": 4,
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      },
      {
        "date": "2026-07-31",
        "close": 2.37,
        "volume": 200582,
        "typical_volume": 184173.4,
        "trend": 2.421383,
        "fair_value": 2.123705,
        "relative_strength": -6.406658,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -41.321967,
        "energy": 17.60702,
        "activity_lines": [
          2.344242,
          2.346734,
          2.3514,
          2.369511
        ]
      },
      {
        "date": "2026-08-07",
        "close": 2.33,
        "volume": 267573,
        "typical_volume": 188105.15,
        "trend": 2.409249,
        "fair_value": 2.128036,
        "relative_strength": -10.687673,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -44.702466,
        "energy": 22.239375,
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          2.338457,
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          2.363616
        ]
      }
    ],
    "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."
    }
  }
}