{
  "ticker": {
    "uuid": "2138c8c7-5d3c-4d75-a7b0-94fa14ecbec4",
    "symbol": "BONHR",
    "name": "Bonheur ASA",
    "exchange": "OSL",
    "country": "NO",
    "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": "OSEBX.OL",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 58.731,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Early contraction",
    "architecture_gate": "down",
    "architecture_direction": -39.361,
    "architecture_energy": 24.989,
    "architecture_maturity": 36.791,
    "architecture_confidence": 90.218,
    "architecture_tenure": "Developing",
    "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": 37.23,
        "rotation_up": 25.88,
        "upward_expansion": 16.95,
        "deceleration": 42.33,
        "rotation_down": 37.71,
        "downward_expansion": 64.62
      },
      "activity_lines": [
        229.7,
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        237.167973
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.333333
    },
    "latest_close": 238.0,
    "trend_reference": 240.669675,
    "distance_from_trend": -0.011093,
    "trend_direction": "Improving",
    "fair_value": 227.554905,
    "distance_from_fair_value": 0.045901,
    "fair_value_direction": "Weakening",
    "relative_strength": -8.689648,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.065361,
    "excess_performance": -0.190355,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.011093,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.007439,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.045901,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.085093,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.086896,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.064176,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.065361,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.72961,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 173476,
      "relative_activity": 1.579329,
      "balance": 0.72961,
      "dry_up": 0.779263,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.047793,
      "annualized_volatility": 0.29556,
      "from_high_reference": -0.125445,
      "from_low_reference": 0.171652
    },
    "levels": {
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      "fair_value_reference": 227.554905,
      "structural_low": 214.0,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
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        "horizon": "Near term",
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        "positive_rate": 0.55,
        "directional_follow_through": 0.45,
        "median_excess_return": -0.013699,
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        "worst_return": -0.183823,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
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        "sufficient": true
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        "horizon": "Extended",
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        "horizon": "Full cycle",
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      },
      {
        "date": "2026-04-24",
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        "date": "2026-05-08",
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        "date": "2026-05-22",
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      },
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-07-03",
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      },
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        "date": "2026-07-10",
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 177885.8,
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        "fair_value": 227.643459,
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        "stage": 1,
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      },
      {
        "date": "2026-07-24",
        "close": 226.5,
        "volume": 41657,
        "typical_volume": 174743.4,
        "trend": 241.597514,
        "fair_value": 227.566087,
        "relative_strength": -13.031764,
        "stage": 1,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -60.191179,
        "energy": 56.193062,
        "activity_lines": [
          226.1,
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      },
      {
        "date": "2026-07-31",
        "close": 224.5,
        "volume": 59434,
        "typical_volume": 151716.4,
        "trend": 240.851899,
        "fair_value": 227.484751,
        "relative_strength": -13.869684,
        "stage": 1,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -61.893279,
        "energy": 45.589729,
        "activity_lines": [
          225.466667,
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      },
      {
        "date": "2026-08-07",
        "close": 238.0,
        "volume": 173476,
        "typical_volume": 109841.6,
        "trend": 240.669675,
        "fair_value": 227.554905,
        "relative_strength": -8.689648,
        "stage": 1,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -39.361075,
        "energy": 24.989315,
        "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."
    }
  }
}