{ "ticker": { "uuid": "35e7b98b-0af8-47d2-8ad6-ab4dafe8d9d3", "symbol": "ZSCA", "name": "Zscaler, Inc.", "exchange": "VIE", "country": "AT", "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": "^ATX", "stage": 1, "stage_name": "Basing", "phase": "1b", "phase_label": "Stage 1B \u00b7 Basing", "transition": "stage_1_building", "transition_label": "Base still building", "confidence": 96.0, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Balance after decline", "architecture_gate": "mixed", "architecture_direction": 36.28, "architecture_energy": 37.5, "architecture_maturity": 16.573, "architecture_confidence": 66.687, "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": 40.25, "rotation_up": 63.84, "upward_expansion": 41.72, "deceleration": 24.41, "rotation_down": 15.27, "downward_expansion": 23.38 }, "activity_lines": [ 133.230667, 127.575273, 124.635, 125.298947 ], "activity_state": "Compressed", "activity_direction": "Expanding", "rotation_direction": "Improving", "price_acceptance": 0.666667 }, "latest_close": 145.080002, "trend_reference": 131.038334, "distance_from_trend": 0.107157, "trend_direction": "Weakening", "fair_value": 186.322553, "distance_from_fair_value": -0.22135, "fair_value_direction": "Improving", "relative_strength": -35.022804, "relative_strength_direction": "Improving", "price_momentum": 0.025155, "excess_performance": -0.149091, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.107157, "read": "Above" }, { "label": "Trend direction", "positive": false, "value": -0.193364, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": false, "value": -0.22135, "read": "Below anchor" }, { "label": "Fair Value direction", "positive": true, "value": 0.11603, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.350228, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.14055, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.025155, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.305495, "read": "Supply-led" } ], "volume": { "latest": 0, "relative_activity": 0.0, "balance": 0.305495, "dry_up": 0.163773, "accumulation_observations": 0, "distribution_observations": 1 }, "risk": { "range_context": 0.095417, "annualized_volatility": 0.763794, "from_high_reference": -0.499724, "from_low_reference": 0.46857 }, "levels": { "trend_reference": 131.038334, "fair_value_reference": 186.322553, "structural_low": 98.790001, "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 0, "median_return": null, "positive_rate": null, "directional_follow_through": null, "median_excess_return": null, "regime_survival": null, "best_return": null, "worst_return": null, "sufficient": false }, { "horizon": "Intermediate", "sample_count": 0, "median_return": null, "positive_rate": null, "directional_follow_through": null, "median_excess_return": null, "regime_survival": null, "best_return": null, "worst_return": null, "sufficient": false }, { "horizon": "Extended", "sample_count": 0, "median_return": null, "positive_rate": null, "directional_follow_through": null, "median_excess_return": null, "regime_survival": null, "best_return": null, "worst_return": null, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 0, "median_return": null, "positive_rate": null, "directional_follow_through": null, "median_excess_return": null, "regime_survival": null, "best_return": null, "worst_return": null, "sufficient": false } ], "ledger": [ { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-06-06", "end": "2025-07-25", "tenure": "Developing", "return": -0.084449, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-08-01", "end": "2025-10-03", "tenure": "Developing", "return": 0.071929, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-10-10", "end": "2025-12-05", "tenure": "Developing", "return": -0.223125, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2025-12-12", "end": "2026-07-10", "tenure": "Extended", "return": -0.385854, "active": false }, { "regime": "balance", "label": "Balance", 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after decline", "gate": "down", "direction": -10.490269, "energy": 10.276712, "activity_lines": [ 124.039999, 121.488, 121.346572, 125.592087 ] }, { "date": "2026-07-24", "close": 125.199997, "volume": 0, "typical_volume": 152.8, "trend": 134.563668, "fair_value": 187.031511, "relative_strength": -44.184022, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -12.182504, "energy": 14.950299, "activity_lines": [ 125.583998, 121.798181, 121.631381, 124.840624 ] }, { "date": "2026-07-31", "close": 129.020004, "volume": 0, "typical_volume": 137.75, "trend": 132.432334, "fair_value": 186.617143, "relative_strength": -41.381416, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -5.598764, "energy": 11.300494, "activity_lines": [ 127.226666, 123.007272, 122.358667, 124.482968 ] }, { "date": "2026-08-07", "close": 145.080002, "volume": 0, "typical_volume": 126.7, "trend": 131.038334, "fair_value": 186.322553, "relative_strength": -35.022804, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 36.280318, "energy": 37.500129, "activity_lines": [ 133.230667, 127.575273, 124.635, 125.298947 ] } ], "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." } } }