{
  "ticker": {
    "uuid": "175ac75d-7427-49c8-8b9d-1b2e7c35ef42",
    "symbol": "ALMUN",
    "name": "Munic S.A.",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "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": -70.004,
    "architecture_energy": 46.407,
    "architecture_maturity": 74.545,
    "architecture_confidence": 93.763,
    "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": 29.57,
        "rotation_up": 22.57,
        "upward_expansion": 5.18,
        "deceleration": 48.99,
        "rotation_down": 52.84,
        "downward_expansion": 76.18
      },
      "activity_lines": [
        0.446067,
        0.458836,
        0.473605,
        0.500927
      ],
      "activity_state": "Moderate",
      "activity_direction": "Stable",
      "rotation_direction": "Improving",
      "price_acceptance": -0.5
    },
    "latest_close": 0.41,
    "trend_reference": 0.560767,
    "distance_from_trend": -0.268858,
    "trend_direction": "Weakening",
    "fair_value": 0.730667,
    "distance_from_fair_value": -0.438869,
    "fair_value_direction": "Improving",
    "relative_strength": -43.496111,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.342949,
    "excess_performance": -0.39626,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.268858,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.173845,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.438869,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.043037,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.434961,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.075741,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.342949,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.726362,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 15434,
      "relative_activity": 0.369323,
      "balance": 0.726362,
      "dry_up": 0.497955,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.141088,
      "annualized_volatility": 0.593809,
      "from_high_reference": -0.640351,
      "from_low_reference": 0.037975
    },
    "levels": {
      "trend_reference": 0.560767,
      "fair_value_reference": 0.730667,
      "structural_low": 0.395,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 34,
        "median_return": -0.062826,
        "positive_rate": 0.294118,
        "directional_follow_through": 0.705882,
        "median_excess_return": -0.037245,
        "regime_survival": 0.882353,
        "best_return": 1.018349,
        "worst_return": -0.443231,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 12,
        "median_return": -0.156443,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.146096,
        "regime_survival": 0.666667,
        "best_return": 0.590361,
        "worst_return": -0.640288,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": -0.133333,
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        "directional_follow_through": 0.571429,
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        "regime_survival": 0.571429,
        "best_return": 0.845455,
        "worst_return": -0.6633,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": -0.241492,
        "positive_rate": 0.25,
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        "median_excess_return": -0.13309,
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        "worst_return": -0.775084,
        "sufficient": false
      }
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        "return": 0.037288,
        "active": false
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        "regime": "downward_expansion",
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        "color": "red",
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        "regime": "balance",
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      {
        "date": "2026-07-17",
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        "volume": 27426,
        "typical_volume": 50304.75,
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        "fair_value": 0.768429,
        "relative_strength": -37.953448,
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        "energy": 32.502091,
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          0.491557,
          0.52863
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      },
      {
        "date": "2026-07-24",
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        "volume": 15116,
        "typical_volume": 43074.1,
        "trend": 0.594433,
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        "relative_strength": -31.973232,
        "stage": 4,
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        "direction": -39.319921,
        "energy": 27.021173,
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          0.474533,
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          0.488767,
          0.521069
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      },
      {
        "date": "2026-07-31",
        "close": 0.45,
        "volume": 25262,
        "typical_volume": 43254.3,
        "trend": 0.577767,
        "fair_value": 0.742846,
        "relative_strength": -37.460711,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -56.962148,
        "energy": 35.509424,
        "activity_lines": [
          0.466,
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          0.48279,
          0.511751
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      },
      {
        "date": "2026-08-07",
        "close": 0.41,
        "volume": 15434,
        "typical_volume": 41789.95,
        "trend": 0.560767,
        "fair_value": 0.730667,
        "relative_strength": -43.496111,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -70.004153,
        "energy": 46.407365,
        "activity_lines": [
          0.446067,
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          0.473605,
          0.500927
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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."
    }
  }
}