{
  "ticker": {
    "uuid": "1a9fab88-1470-4c8c-9bc1-8b78bcc83e67",
    "symbol": "WINK",
    "name": "M Winkworth PLC",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "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": -16.061,
    "architecture_energy": 12.221,
    "architecture_maturity": 13.004,
    "architecture_confidence": 71.906,
    "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": 51.37,
        "rotation_up": 34.73,
        "upward_expansion": 35.86,
        "deceleration": 32.47,
        "rotation_down": 26.37,
        "downward_expansion": 41.86
      },
      "activity_lines": [
        174.34916,
        173.269764,
        172.548299,
        172.854347
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 170.0,
    "trend_reference": 174.552527,
    "distance_from_trend": -0.026081,
    "trend_direction": "Weakening",
    "fair_value": 183.232406,
    "distance_from_fair_value": -0.072217,
    "fair_value_direction": "Weakening",
    "relative_strength": -14.354937,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.085847,
    "excess_performance": -0.137082,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.026081,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.030592,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.072217,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.021568,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.143549,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.011365,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.085847,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.9381,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 48805,
      "relative_activity": 2.928997,
      "balance": 0.9381,
      "dry_up": 1.715988,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.056263,
      "annualized_volatility": 0.162038,
      "from_high_reference": -0.19004,
      "from_low_reference": 0.08301
    },
    "levels": {
      "trend_reference": 174.552527,
      "fair_value_reference": 183.232406,
      "structural_low": 156.96996,
      "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": 23,
        "median_return": 0.005476,
        "positive_rate": 0.521739,
        "directional_follow_through": 0.521739,
        "median_excess_return": -0.006504,
        "regime_survival": 0.695652,
        "best_return": 0.084746,
        "worst_return": -0.166667,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 10,
        "median_return": -0.004429,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.03422,
        "regime_survival": 0.6,
        "best_return": 0.159585,
        "worst_return": -0.145766,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": -0.029036,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.059143,
        "regime_survival": 0.333333,
        "best_return": 0.356404,
        "worst_return": -0.212235,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.000485,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.118714,
        "regime_survival": 0.0,
        "best_return": 0.01569,
        "worst_return": -0.219674,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-03-24",
        "end": "2023-04-21",
        "tenure": "Developing",
        "return": -0.028006,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2023-04-28",
        "end": "2023-06-02",
        "tenure": "Developing",
        "return": -0.014925,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2023-06-09",
        "end": "2023-06-30",
        "tenure": "New",
        "return": -0.139394,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-07-07",
        "end": "2023-12-08",
        "tenure": "Established",
        "return": 0.017657,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2023-12-15",
        "end": "2024-01-12",
        "tenure": "Developing",
        "return": 0.084746,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-03-08",
        "tenure": "Developing",
        "return": -0.044118,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-03-15",
        "end": "2024-04-26",
        "tenure": "Developing",
        "return": 0.083263,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-03",
        "end": "2024-10-11",
        "tenure": "Established",
        "return": 0.154459,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-10-18",
        "end": "2025-05-16",
        "tenure": "Extended",
        "return": 0.087534,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-05-23",
        "end": "2025-06-13",
        "tenure": "New",
        "return": -0.064815,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-20",
        "end": "2025-08-29",
        "tenure": "Developing",
        "return": -0.029549,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-09-05",
        "end": "2025-09-26",
        "tenure": "New",
        "return": -0.039409,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-10-03",
        "end": "2026-07-10",
        "tenure": "Extended",
        "return": -0.10595,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-07-17",
        "end": "2026-08-07",
        "tenure": "New",
        "return": -0.024367,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 19858.5,
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        "typical_volume": 24788.8,
        "trend": 183.379079,
        "fair_value": 181.650384,
        "relative_strength": -16.620172,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -51.257033,
        "energy": 33.054351,
        "activity_lines": [
          170.987115,
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      },
      {
        "date": "2026-05-01",
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        "typical_volume": 24596.3,
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        "fair_value": 181.668672,
        "relative_strength": -17.124398,
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        "regime": "downward_expansion",
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        "energy": 23.514008,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-08",
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        "volume": 502,
        "typical_volume": 23521.25,
        "trend": 181.886085,
        "fair_value": 181.702953,
        "relative_strength": -15.491396,
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        "regime": "downward_expansion",
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        "energy": 19.531368,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
        "close": 172.5,
        "volume": 10303,
        "typical_volume": 24029.75,
        "trend": 181.139588,
        "fair_value": 181.737234,
        "relative_strength": -14.563239,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
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        "energy": 16.448216,
        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
        "close": 172.5,
        "volume": 20389,
        "typical_volume": 24172.25,
        "trend": 180.641899,
        "fair_value": 181.771515,
        "relative_strength": -16.100196,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -32.535828,
        "energy": 17.276179,
        "activity_lines": [
          172.666667,
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      },
      {
        "date": "2026-05-29",
        "close": 172.5,
        "volume": 6395,
        "typical_volume": 23613.95,
        "trend": 180.060906,
        "fair_value": 181.821788,
        "relative_strength": -15.077051,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -32.207159,
        "energy": 17.133078,
        "activity_lines": [
          172.5,
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      },
      {
        "date": "2026-06-05",
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        "volume": 2,
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        "trend": 179.396581,
        "fair_value": 181.856036,
        "relative_strength": -15.409801,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
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        "energy": 24.035929,
        "activity_lines": [
          171.666667,
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      },
      {
        "date": "2026-06-12",
        "close": 175.0,
        "volume": 8596,
        "typical_volume": 18633.0,
        "trend": 178.948904,
        "fair_value": 181.922335,
        "relative_strength": -13.258767,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -31.784692,
        "energy": 15.63192,
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      },
      {
        "date": "2026-06-19",
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        "typical_volume": 18213.65,
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        "fair_value": 182.080535,
        "relative_strength": -15.836917,
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        "regime": "downward_expansion",
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        "energy": 27.288997,
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      },
      {
        "date": "2026-06-26",
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        "volume": 0,
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        "fair_value": 182.241933,
        "relative_strength": -16.364236,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -55.977799,
        "energy": 37.709318,
        "activity_lines": [
          169.296647,
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      },
      {
        "date": "2026-07-03",
        "close": 171.7917,
        "volume": 0,
        "typical_volume": 15978.45,
        "trend": 176.957816,
        "fair_value": 182.415605,
        "relative_strength": -14.656752,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -48.012947,
        "energy": 31.173111,
        "activity_lines": [
          169.80944,
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      },
      {
        "date": "2026-07-10",
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        "volume": 10671,
        "typical_volume": 14838.7,
        "trend": 176.484999,
        "fair_value": 182.621001,
        "relative_strength": -11.317559,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -40.653014,
        "energy": 23.391204,
        "activity_lines": [
          171.187487,
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          173.120975
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      },
      {
        "date": "2026-07-17",
        "close": 174.2458,
        "volume": 14169,
        "typical_volume": 14862.15,
        "trend": 175.9622,
        "fair_value": 182.79422,
        "relative_strength": -11.573421,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -14.6132,
        "energy": 6.729974,
        "activity_lines": [
          172.28248,
          171.71794,
          171.675246,
          172.976511
        ]
      },
      {
        "date": "2026-07-24",
        "close": 177.5,
        "volume": 37307,
        "typical_volume": 15903.25,
        "trend": 175.681159,
        "fair_value": 182.956307,
        "relative_strength": -10.481516,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -1.29895,
        "energy": 10.695832,
        "activity_lines": [
          174.512487,
          172.780669,
          172.216423,
          173.075723
        ]
      },
      {
        "date": "2026-07-31",
        "close": 177.5,
        "volume": 14091,
        "typical_volume": 15721.75,
        "trend": 175.250173,
        "fair_value": 183.118395,
        "relative_strength": -10.956777,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 16.684985,
        "energy": 18.540138,
        "activity_lines": [
          176.034713,
          173.752489,
          172.745536,
          173.193068
        ]
      },
      {
        "date": "2026-08-07",
        "close": 170.0,
        "volume": 48805,
        "typical_volume": 16662.7,
        "trend": 174.552527,
        "fair_value": 183.232406,
        "relative_strength": -14.354937,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -16.061442,
        "energy": 12.221203,
        "activity_lines": [
          174.34916,
          173.269764,
          172.548299,
          172.854347
        ]
      }
    ],
    "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."
    }
  }
}