{
  "ticker": {
    "uuid": "2f93c22a-2a77-4802-a44c-8de6e084d46f",
    "symbol": "280920",
    "name": "Hanwha Plus Leading Industry ETF",
    "exchange": "KSC",
    "country": "KR",
    "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": "^KS11",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3b",
    "phase_label": "Stage 3B \u00b7 Distribution",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 58.181,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "mixed",
    "architecture_direction": -28.374,
    "architecture_energy": 39.979,
    "architecture_maturity": 39.817,
    "architecture_confidence": 70.957,
    "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": 33.54,
        "rotation_up": 14.09,
        "upward_expansion": 18.09,
        "deceleration": 62.17,
        "rotation_down": 71.97,
        "downward_expansion": 47.76
      },
      "activity_lines": [
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        24965.960803
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.833333
    },
    "latest_close": 22220.0,
    "trend_reference": 23897.492839,
    "distance_from_trend": -0.070195,
    "trend_direction": "Improving",
    "fair_value": 13505.340019,
    "distance_from_fair_value": 0.645275,
    "fair_value_direction": "Weakening",
    "relative_strength": -6.942794,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.124791,
    "excess_performance": -0.105038,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.070195,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.155595,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.645275,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.606862,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.069428,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.026071,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.124791,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.781396,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 8650,
      "relative_activity": 1.139125,
      "balance": 0.781396,
      "dry_up": 0.672413,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.124766,
      "annualized_volatility": 0.451189,
      "from_high_reference": -0.308585,
      "from_low_reference": 0.805752
    },
    "levels": {
      "trend_reference": 23897.492839,
      "fair_value_reference": 13505.340019,
      "structural_low": 17840.0,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": 0.013498,
        "positive_rate": 0.636364,
        "directional_follow_through": 0.636364,
        "median_excess_return": -0.003966,
        "regime_survival": 0.363636,
        "best_return": 0.190356,
        "worst_return": -0.055892,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.080335,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.001981,
        "regime_survival": 0.125,
        "best_return": 0.319758,
        "worst_return": -0.090546,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.07571,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": 0.041672,
        "regime_survival": 0.2,
        "best_return": 0.828883,
        "worst_return": -0.136897,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.040834,
        "regime_survival": 0.0,
        "best_return": 0.127717,
        "worst_return": -0.269624,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-02-16",
        "end": "2024-04-26",
        "tenure": "Developing",
        "return": 0.06371,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "tenure": "New",
        "return": 0.041934,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "tenure": "New",
        "return": -0.019562,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-12-06",
        "end": "2025-01-31",
        "tenure": "Developing",
        "return": 0.065121,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-02-07",
        "end": "2025-02-14",
        "tenure": "New",
        "return": 0.010233,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "tenure": "Developing",
        "return": -0.019731,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-04-04",
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        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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      },
      {
        "regime": "upward_expansion",
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        "tenure": "Established",
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      {
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        "active": true
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      },
      {
        "date": "2026-07-24",
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        "stage": 3,
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      },
      {
        "date": "2026-07-31",
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        "volume": 5978,
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        "trend": 23753.694141,
        "fair_value": 13418.086895,
        "relative_strength": -13.716434,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
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        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 22220.0,
        "volume": 8650,
        "typical_volume": 7593.55,
        "trend": 23897.492839,
        "fair_value": 13505.340019,
        "relative_strength": -6.942794,
        "stage": 3,
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        "modifier": "Recompressing",
        "gate": "mixed",
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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."
    }
  }
}