{
  "ticker": {
    "uuid": "179c1adb-e65c-4016-a36c-0948c6917ef2",
    "symbol": "V3AA",
    "name": "Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating",
    "exchange": "MIL",
    "country": "IT",
    "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": "FTSEMIB.MI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 92.929,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 78.782,
    "architecture_energy": 55.805,
    "architecture_maturity": 64.347,
    "architecture_confidence": 69.57,
    "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": 25.78,
        "rotation_up": 46.99,
        "upward_expansion": 76.14,
        "deceleration": 91.48,
        "rotation_down": 29.65,
        "downward_expansion": 14.14
      },
      "activity_lines": [
        7.577267,
        7.574891,
        7.464843,
        7.288234
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 7.735,
    "trend_reference": 7.084367,
    "distance_from_trend": 0.091841,
    "trend_direction": "Improving",
    "fair_value": 5.982747,
    "distance_from_fair_value": 0.292884,
    "fair_value_direction": "Improving",
    "relative_strength": -2.77628,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.152757,
    "excess_performance": -0.018135,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.091841,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.046693,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.292884,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.031926,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.027763,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.0142,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.152757,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.497667,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 53570,
      "relative_activity": 0.808335,
      "balance": 1.497667,
      "dry_up": 0.896222,
      "accumulation_observations": 2,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.021143,
      "annualized_volatility": 0.135748,
      "from_high_reference": -0.002064,
      "from_low_reference": 0.251618
    },
    "levels": {
      "trend_reference": 7.084367,
      "fair_value_reference": 5.982747,
      "structural_low": 6.305,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 6,
        "median_return": 0.006565,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.014145,
        "regime_survival": 0.333333,
        "best_return": 0.088899,
        "worst_return": -0.054607,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.049579,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.040831,
        "regime_survival": 0.0,
        "best_return": 0.125046,
        "worst_return": 0.006605,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": 0.109669,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.019338,
        "regime_survival": 0.0,
        "best_return": 0.123506,
        "worst_return": 0.095832,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.144146,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.069528,
        "regime_survival": 0.5,
        "best_return": 0.192074,
        "worst_return": 0.096218,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-05-03",
        "end": "2024-05-17",
        "tenure": "New",
        "return": 0.024749,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-24",
        "end": "2024-08-02",
        "tenure": "Developing",
        "return": -0.01454,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-09",
        "end": "2024-09-27",
        "tenure": "Developing",
        "return": 0.067205,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-04",
        "end": "2025-02-28",
        "tenure": "Established",
        "return": 0.072126,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-07",
        "end": "2025-04-11",
        "tenure": "Developing",
        "return": -0.116031,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-05-30",
        "tenure": "Developing",
        "return": 0.117324,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-06",
        "end": "2025-07-11",
        "tenure": "Developing",
        "return": 0.014388,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-07-18",
        "end": "2025-08-22",
        "tenure": "Developing",
        "return": 0.030074,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-29",
        "end": "2026-02-13",
        "tenure": "Established",
        "return": 0.072208,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-02-20",
        "end": "2026-03-27",
        "tenure": "Developing",
        "return": -0.071239,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-04-03",
        "end": "2026-04-10",
        "tenure": "New",
        "return": 0.032507,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-04-17",
        "end": "2026-04-24",
        "tenure": "New",
        "return": 0.000858,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-05-01",
        "end": "2026-07-31",
        "tenure": "Established",
        "return": 0.063465,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-08-07",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.0,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 18914.0,
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        "date": "2026-05-08",
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        "date": "2026-05-15",
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      },
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        "date": "2026-05-22",
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      },
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        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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        "typical_volume": 58009.6,
        "trend": 6.932833,
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        "relative_strength": -2.432101,
        "stage": 2,
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      },
      {
        "date": "2026-07-10",
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        "trend": 6.968933,
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        "relative_strength": -2.030723,
        "stage": 2,
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        "gate": "up",
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        "energy": 80.636474,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
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        "volume": 83742,
        "typical_volume": 64438.9,
        "trend": 6.998933,
        "fair_value": 5.927971,
        "relative_strength": -2.464887,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 66.996834,
        "energy": 65.177421,
        "activity_lines": [
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          7.352433,
          7.184583
        ]
      },
      {
        "date": "2026-07-24",
        "close": 7.513,
        "volume": 62599,
        "typical_volume": 65183.95,
        "trend": 7.028,
        "fair_value": 5.94541,
        "relative_strength": -2.246052,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.506596,
        "energy": 62.26294,
        "activity_lines": [
          7.5632,
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          7.389086,
          7.217748
        ]
      },
      {
        "date": "2026-07-31",
        "close": 7.44,
        "volume": 37667,
        "typical_volume": 66157.45,
        "trend": 7.054467,
        "fair_value": 5.962965,
        "relative_strength": -3.770572,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 49.963674,
        "energy": 46.64895,
        "activity_lines": [
          7.518133,
          7.538745,
          7.414924,
          7.244329
        ]
      },
      {
        "date": "2026-08-07",
        "close": 7.735,
        "volume": 53570,
        "typical_volume": 66272.05,
        "trend": 7.084367,
        "fair_value": 5.982747,
        "relative_strength": -2.77628,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 78.781613,
        "energy": 55.805432,
        "activity_lines": [
          7.577267,
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          7.464843,
          7.288234
        ]
      }
    ],
    "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."
    }
  }
}