{
  "ticker": {
    "uuid": "20fa5681-293d-4d5b-8f5e-a55d3f0646e6",
    "symbol": "XCEM",
    "name": "COLUMBIA ETF TR II COLUMBIA EM CORE EX CHINA ETF",
    "exchange": "NYSEARCA",
    "country": "US",
    "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": "SPY",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 94.376,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 13.347,
    "architecture_energy": 17.238,
    "architecture_maturity": 66.558,
    "architecture_confidence": 82.214,
    "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": 58.56,
        "rotation_up": 20.33,
        "upward_expansion": 47.52,
        "deceleration": 85.0,
        "rotation_down": 38.01,
        "downward_expansion": 27.85
      },
      "activity_lines": [
        48.455333,
        49.446,
        49.514619,
        48.159441
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.166667
    },
    "latest_close": 49.56,
    "trend_reference": 46.340667,
    "distance_from_trend": 0.069471,
    "trend_direction": "Improving",
    "fair_value": 33.421088,
    "distance_from_fair_value": 0.482896,
    "fair_value_direction": "Weakening",
    "relative_strength": 5.679608,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.155784,
    "excess_performance": 0.030159,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.069471,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.099978,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.482896,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.126824,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.056796,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.145841,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.155784,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.774477,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 900730,
      "relative_activity": 1.003707,
      "balance": 0.774477,
      "dry_up": 0.882523,
      "accumulation_observations": 3,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.068196,
      "annualized_volatility": 0.327323,
      "from_high_reference": -0.105899,
      "from_low_reference": 0.511443
    },
    "levels": {
      "trend_reference": 46.340667,
      "fair_value_reference": 33.421088,
      "structural_low": 38.96,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": 0.004806,
        "positive_rate": 0.545455,
        "directional_follow_through": 0.545455,
        "median_excess_return": -0.013663,
        "regime_survival": 0.454545,
        "best_return": 0.185512,
        "worst_return": -0.035107,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.020431,
        "positive_rate": 0.857143,
        "directional_follow_through": 0.857143,
        "median_excess_return": -0.027231,
        "regime_survival": 0.285714,
        "best_return": 0.301615,
        "worst_return": -0.055258,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.066385,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.070523,
        "regime_survival": 0.25,
        "best_return": 0.087306,
        "worst_return": -0.047893,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.075325,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.085337,
        "regime_survival": 0.0,
        "best_return": 0.142016,
        "worst_return": 0.008633,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2023-10-27",
        "tenure": "New",
        "return": -0.039618,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-11-03",
        "end": "2023-11-24",
        "tenure": "New",
        "return": 0.029496,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2023-12-29",
        "tenure": "Developing",
        "return": 0.052154,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-04-19",
        "tenure": "Established",
        "return": -0.00369,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-05-17",
        "tenure": "New",
        "return": 0.038108,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-11-15",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "Developing",
        "return": -0.02222,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2025-05-09",
        "tenure": "Established",
        "return": 0.043129,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2026-03-20",
        "tenure": "Extended",
        "return": 0.266134,
        "active": false
      },
      {
        "regime": "deceleration",
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      },
      {
        "regime": "upward_expansion",
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      {
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        "active": true
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      },
      {
        "date": "2026-07-03",
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      {
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 1002875.2,
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        "fair_value": 33.011666,
        "relative_strength": 6.987874,
        "stage": 2,
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        "direction": 39.75048,
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      },
      {
        "date": "2026-07-24",
        "close": 47.7,
        "volume": 588189,
        "typical_volume": 926241.25,
        "trend": 45.749667,
        "fair_value": 33.140319,
        "relative_strength": 7.157077,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 28.99467,
        "energy": 21.654332,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 47.39,
        "volume": 834637,
        "typical_volume": 914094.05,
        "trend": 46.021333,
        "fair_value": 33.272765,
        "relative_strength": 4.964776,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 17.837903,
        "energy": 19.045314,
        "activity_lines": [
          48.226,
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          47.93114
        ]
      },
      {
        "date": "2026-08-07",
        "close": 49.56,
        "volume": 900730,
        "typical_volume": 897403.55,
        "trend": 46.340667,
        "fair_value": 33.421088,
        "relative_strength": 5.679608,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 13.34705,
        "energy": 17.238468,
        "activity_lines": [
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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."
    }
  }
}