{
  "ticker": {
    "uuid": "2f5c300f-4c83-418e-b3a5-3c5af5b09e85",
    "symbol": "HVN",
    "name": "Harvey Norman Holdings 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": "4c",
    "phase_label": "Stage 4C \u00b7 Repair watch",
    "transition": "stage_4_to_1_watch",
    "transition_label": "Stage 4 \u2192 1 repair watch",
    "confidence": 94.641,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": 9.643,
    "architecture_energy": 17.532,
    "architecture_maturity": 19.379,
    "architecture_confidence": 48.582,
    "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": 49.9,
        "rotation_up": 38.66,
        "upward_expansion": 34.01,
        "deceleration": 45.94,
        "rotation_down": 17.86,
        "downward_expansion": 44.67
      },
      "activity_lines": [
        4.886,
        4.824909,
        4.720863,
        4.801691
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.166667
    },
    "latest_close": 5.05,
    "trend_reference": 5.068618,
    "distance_from_trend": -0.003673,
    "trend_direction": "Weakening",
    "fair_value": 4.786892,
    "distance_from_fair_value": 0.054964,
    "fair_value_direction": "Improving",
    "relative_strength": -17.551261,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.189559,
    "excess_performance": -0.253265,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.003673,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.121822,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.054964,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.091256,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.175513,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.071555,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.189559,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.047382,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 8441711,
      "relative_activity": 0.956918,
      "balance": 1.047382,
      "dry_up": 0.922432,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.046458,
      "annualized_volatility": 0.266954,
      "from_high_reference": -0.324282,
      "from_low_reference": 0.179907
    },
    "levels": {
      "trend_reference": 5.068618,
      "fair_value_reference": 4.786892,
      "structural_low": 4.28,
      "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": 16,
        "median_return": 0.016744,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.000594,
        "regime_survival": 0.5625,
        "best_return": 0.109208,
        "worst_return": -0.041861,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.043686,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.020884,
        "regime_survival": 0.166667,
        "best_return": 0.178808,
        "worst_return": -0.132772,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": -0.054478,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.060596,
        "regime_survival": 0.4,
        "best_return": 0.239359,
        "worst_return": -0.164617,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.06886,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.00302,
        "regime_survival": 0.0,
        "best_return": 0.327249,
        "worst_return": -0.210127,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-05-03",
        "end": "2024-07-12",
        "tenure": "Developing",
        "return": 0.004515,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-07-19",
        "end": "2024-08-16",
        "tenure": "Developing",
        "return": 0.098434,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-08-23",
        "end": "2024-09-20",
        "tenure": "Developing",
        "return": -0.006012,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-11-01",
        "tenure": "Developing",
        "return": -0.05428,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2024-12-13",
        "tenure": "Developing",
        "return": 0.064018,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-12-20",
        "end": "2025-01-10",
        "tenure": "New",
        "return": 0.002128,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-01-17",
        "end": "2025-01-31",
        "tenure": "New",
        "return": 0.11349,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-07",
        "end": "2025-03-14",
        "tenure": "Developing",
        "return": -0.061798,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-03-21",
        "end": "2025-05-02",
        "tenure": "Developing",
        "return": 0.079377,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-05-09",
        "end": "2025-11-21",
        "tenure": "Extended",
        "return": 0.3659,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2026-01-30",
        "tenure": "Developing",
        "return": -0.066282,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-02-06",
        "end": "2026-02-27",
        "tenure": "New",
        "return": -0.102804,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-03-06",
        "end": "2026-07-31",
        "tenure": "Established",
        "return": -0.071595,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "New",
        "return": 0.0,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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      },
      {
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      },
      {
        "date": "2026-07-24",
        "close": 4.69,
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        "typical_volume": 10039728.3,
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        "fair_value": 4.76508,
        "relative_strength": -19.604731,
        "stage": 4,
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        "modifier": "Established contraction",
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        "energy": 21.866727,
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      },
      {
        "date": "2026-07-31",
        "close": 4.92,
        "volume": 9823009,
        "typical_volume": 9720505.65,
        "trend": 5.115431,
        "fair_value": 4.775929,
        "relative_strength": -17.36416,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -2.874116,
        "energy": 6.97985,
        "activity_lines": [
          4.786667,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 5.05,
        "volume": 8441711,
        "typical_volume": 8821773.9,
        "trend": 5.068618,
        "fair_value": 4.786892,
        "relative_strength": -17.551261,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": 9.643061,
        "energy": 17.532184,
        "activity_lines": [
          4.886,
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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."
    }
  }
}