{
  "ticker": {
    "uuid": "1cecd0d4-9691-4bbf-9878-f170dc588e5d",
    "symbol": "PFP",
    "name": "Propel Funeral Partners 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": -43.369,
    "architecture_energy": 35.773,
    "architecture_maturity": 100.0,
    "architecture_confidence": 84.797,
    "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": 30.16,
        "rotation_up": 27.69,
        "upward_expansion": 18.12,
        "deceleration": 46.97,
        "rotation_down": 31.71,
        "downward_expansion": 63.45
      },
      "activity_lines": [
        3.258,
        3.208909,
        3.317667,
        3.52367
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.166667
    },
    "latest_close": 3.41,
    "trend_reference": 3.856975,
    "distance_from_trend": -0.115888,
    "trend_direction": "Weakening",
    "fair_value": 4.77982,
    "distance_from_fair_value": -0.286584,
    "fair_value_direction": "Weakening",
    "relative_strength": -24.342056,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.296322,
    "excess_performance": -0.360028,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.115888,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.12476,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.286584,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.045547,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.243421,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.043932,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.296322,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.578315,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 1027215,
      "relative_activity": 1.410391,
      "balance": 0.578315,
      "dry_up": 0.999467,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.066095,
      "annualized_volatility": 0.328065,
      "from_high_reference": -0.339213,
      "from_low_reference": 0.175862
    },
    "levels": {
      "trend_reference": 3.856975,
      "fair_value_reference": 4.77982,
      "structural_low": 2.9,
      "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": 17,
        "median_return": -0.007707,
        "positive_rate": 0.352941,
        "directional_follow_through": 0.588235,
        "median_excess_return": -0.007476,
        "regime_survival": 0.823529,
        "best_return": 0.064588,
        "worst_return": -0.129834,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.006888,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.333333,
        "median_excess_return": 0.01319,
        "regime_survival": 0.5,
        "best_return": 0.162435,
        "worst_return": -0.236842,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.013803,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.333333,
        "median_excess_return": 0.026377,
        "regime_survival": 0.0,
        "best_return": 0.284381,
        "worst_return": -0.015375,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.009007,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.064532,
        "regime_survival": 0.5,
        "best_return": 0.157752,
        "worst_return": -0.175767,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2023-07-07",
        "end": "2023-07-14",
        "tenure": "New",
        "return": -0.021429,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-07-21",
        "end": "2023-08-04",
        "tenure": "New",
        "return": 0.042857,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2023-08-11",
        "end": "2023-09-15",
        "tenure": "Developing",
        "return": 0.060783,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-09-22",
        "end": "2024-04-12",
        "tenure": "Extended",
        "return": 0.262659,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-04-19",
        "end": "2024-05-24",
        "tenure": "Developing",
        "return": 0.007463,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2024-10-11",
        "tenure": "Established",
        "return": 0.058364,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-10-18",
        "end": "2025-02-28",
        "tenure": "Established",
        "return": -0.049123,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-03-07",
        "end": "2025-08-29",
        "tenure": "Established",
        "return": -0.00956,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-10-24",
        "tenure": "Developing",
        "return": -0.035433,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-11-14",
        "tenure": "New",
        "return": -0.039841,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "return": 0.063158,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "return": -0.014,
        "active": false
      },
      {
        "regime": "balance",
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        "color": "blue",
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        "active": false
      },
      {
        "regime": "downward_expansion",
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    ],
    "chart_path": [
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      {
        "date": "2026-07-17",
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          3.181333,
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          3.661573
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      },
      {
        "date": "2026-07-24",
        "close": 3.11,
        "volume": 651515,
        "typical_volume": 713150.4,
        "trend": 3.956746,
        "fair_value": 4.788424,
        "relative_strength": -27.987621,
        "stage": 4,
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        "modifier": "Established contraction",
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        "direction": -66.328004,
        "energy": 57.247501,
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          3.168667,
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          3.361143,
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      },
      {
        "date": "2026-07-31",
        "close": 3.22,
        "volume": 791416,
        "typical_volume": 712107.2,
        "trend": 3.903858,
        "fair_value": 4.783277,
        "relative_strength": -26.707792,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -47.901889,
        "energy": 46.907996,
        "activity_lines": [
          3.184,
          3.169818,
          3.327762,
          3.555531
        ]
      },
      {
        "date": "2026-08-07",
        "close": 3.41,
        "volume": 1027215,
        "typical_volume": 728319.35,
        "trend": 3.856975,
        "fair_value": 4.77982,
        "relative_strength": -24.342056,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -43.368819,
        "energy": 35.772702,
        "activity_lines": [
          3.258,
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          3.317667,
          3.52367
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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."
    }
  }
}