{
  "ticker": {
    "uuid": "1a8bd228-ca77-4c3e-bceb-7e78de5a50ef",
    "symbol": "XNET",
    "name": "Xunlei Ltd Adr",
    "exchange": "NASDAQ",
    "country": "US",
    "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": "QQQ",
    "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": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": -53.936,
    "architecture_energy": 26.439,
    "architecture_maturity": 20.564,
    "architecture_confidence": 86.251,
    "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": 44.6,
        "rotation_up": 21.39,
        "upward_expansion": 1.98,
        "deceleration": 53.06,
        "rotation_down": 40.3,
        "downward_expansion": 70.64
      },
      "activity_lines": [
        5.386,
        5.415091,
        5.538,
        5.661032
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.333333
    },
    "latest_close": 5.12,
    "trend_reference": 5.872,
    "distance_from_trend": -0.128065,
    "trend_direction": "Weakening",
    "fair_value": 3.817272,
    "distance_from_fair_value": 0.341272,
    "fair_value_direction": "Weakening",
    "relative_strength": -33.233413,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.117241,
    "excess_performance": -0.304695,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.128065,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.096523,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.341272,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.476968,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.332334,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.154117,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.117241,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.605624,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 979503,
      "relative_activity": 0.718781,
      "balance": 0.605624,
      "dry_up": 0.80491,
      "accumulation_observations": 3,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.148281,
      "annualized_volatility": 0.678988,
      "from_high_reference": -0.535811,
      "from_low_reference": 0.16895
    },
    "levels": {
      "trend_reference": 5.872,
      "fair_value_reference": 3.817272,
      "structural_low": 4.52,
      "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": 9,
        "median_return": 0.015152,
        "positive_rate": 0.555556,
        "directional_follow_through": 0.555556,
        "median_excess_return": -0.014115,
        "regime_survival": 0.333333,
        "best_return": 0.186508,
        "worst_return": -0.187097,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.056051,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": -0.019851,
        "regime_survival": 0.2,
        "best_return": 0.117647,
        "worst_return": -0.181818,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.288591,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.146669,
        "regime_survival": 0.0,
        "best_return": 0.299363,
        "worst_return": -0.181818,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.042341,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.180097,
        "regime_survival": 0.0,
        "best_return": 0.114094,
        "worst_return": -0.029412,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-07-12",
        "end": "2024-10-04",
        "tenure": "Established",
        "return": 0.210526,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-11",
        "end": "2024-11-22",
        "tenure": "Developing",
        "return": -0.074257,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-29",
        "end": "2024-12-13",
        "tenure": "New",
        "return": 0.060759,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-12-20",
        "end": "2025-04-18",
        "tenure": "Established",
        "return": 0.859296,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-04-25",
        "end": "2025-05-09",
        "tenure": "New",
        "return": 0.125,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-05-16",
        "end": "2025-06-27",
        "tenure": "Developing",
        "return": -0.142259,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-07-04",
        "end": "2025-08-15",
        "tenure": "Developing",
        "return": 0.404396,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-22",
        "end": "2025-11-07",
        "tenure": "Developing",
        "return": 0.090153,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-11-14",
        "end": "2026-02-06",
        "tenure": "Established",
        "return": -0.208731,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-02-13",
        "end": "2026-02-20",
        "tenure": "New",
        "return": 0.013817,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-02-27",
        "end": "2026-04-24",
        "tenure": "Developing",
        "return": 0.125874,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-05-01",
        "end": "2026-06-05",
        "tenure": "Developing",
        "return": -0.245955,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-06-12",
        "end": "2026-07-17",
        "tenure": "Developing",
        "return": 0.10325,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-07-24",
        "end": "2026-08-07",
        "tenure": "New",
        "return": -0.072464,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 702375.95,
        "trend": 1.804667,
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      },
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        "date": "2023-08-25",
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      },
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        "modifier": "Established contraction",
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      },
      {
        "date": "2026-05-01",
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        "modifier": "Balance after decline",
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      },
      {
        "date": "2026-05-08",
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      },
      {
        "date": "2026-05-15",
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      },
      {
        "date": "2026-05-22",
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      },
      {
        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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      {
        "date": "2026-06-12",
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        "modifier": "Early contraction",
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      {
        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
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        "modifier": "Early contraction",
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        "energy": 63.479623,
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      },
      {
        "date": "2026-07-03",
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        "regime": "downward_expansion",
        "modifier": "Early contraction",
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 1435662.65,
        "trend": 6.116333,
        "fair_value": 3.728041,
        "relative_strength": -25.719333,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -39.099064,
        "energy": 22.182025,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 5.77,
        "volume": 818186,
        "typical_volume": 1427838.05,
        "trend": 6.075,
        "fair_value": 3.752272,
        "relative_strength": -21.9972,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -32.712811,
        "energy": 17.797801,
        "activity_lines": [
          5.624667,
          5.481273,
          5.664571,
          5.794473
        ]
      },
      {
        "date": "2026-07-24",
        "close": 5.52,
        "volume": 864190,
        "typical_volume": 1414642.75,
        "trend": 6.018667,
        "fair_value": 3.774772,
        "relative_strength": -24.069574,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -29.92983,
        "energy": 17.418159,
        "activity_lines": [
          5.634,
          5.489273,
          5.638,
          5.758667
        ]
      },
      {
        "date": "2026-07-31",
        "close": 5.34,
        "volume": 1725618,
        "typical_volume": 1391468.6,
        "trend": 5.954667,
        "fair_value": 3.796759,
        "relative_strength": -26.916635,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -35.790601,
        "energy": 16.383244,
        "activity_lines": [
          5.546,
          5.470909,
          5.594524,
          5.714882
        ]
      },
      {
        "date": "2026-08-07",
        "close": 5.12,
        "volume": 979503,
        "typical_volume": 1362728.35,
        "trend": 5.872,
        "fair_value": 3.817272,
        "relative_strength": -33.233413,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -53.936239,
        "energy": 26.439258,
        "activity_lines": [
          5.386,
          5.415091,
          5.538,
          5.661032
        ]
      }
    ],
    "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."
    }
  }
}