{
  "ticker": {
    "uuid": "39469cbb-a67b-4225-98a1-182dfb553780",
    "symbol": "APM",
    "name": "ad pepper media International N.V.",
    "exchange": "GER",
    "country": "DE",
    "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": "^GDAXI",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Early contraction",
    "architecture_gate": "down",
    "architecture_direction": -34.231,
    "architecture_energy": 16.74,
    "architecture_maturity": 32.713,
    "architecture_confidence": 65.439,
    "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": 48.34,
        "rotation_up": 23.69,
        "upward_expansion": 17.3,
        "deceleration": 40.38,
        "rotation_down": 30.6,
        "downward_expansion": 55.97
      },
      "activity_lines": [
        2.656,
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        2.659048,
        2.684043
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.333333
    },
    "latest_close": 2.68,
    "trend_reference": 2.723333,
    "distance_from_trend": -0.015912,
    "trend_direction": "Weakening",
    "fair_value": 2.459808,
    "distance_from_fair_value": 0.089516,
    "fair_value_direction": "Weakening",
    "relative_strength": -13.881387,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.062937,
    "excess_performance": -0.127577,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.015912,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.023895,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.089516,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.010318,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.138814,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.032408,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.062937,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.120442,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 23129,
      "relative_activity": 1.327449,
      "balance": 2.120442,
      "dry_up": 0.812674,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.034443,
      "annualized_volatility": 0.195343,
      "from_high_reference": -0.346341,
      "from_low_reference": 0.03876
    },
    "levels": {
      "trend_reference": 2.723333,
      "fair_value_reference": 2.459808,
      "structural_low": 2.58,
      "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": 31,
        "median_return": -0.024,
        "positive_rate": 0.322581,
        "directional_follow_through": 0.612903,
        "median_excess_return": -0.025952,
        "regime_survival": 0.774194,
        "best_return": 0.357576,
        "worst_return": -0.300847,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 12,
        "median_return": -0.028563,
        "positive_rate": 0.416667,
        "directional_follow_through": 0.583333,
        "median_excess_return": -0.062819,
        "regime_survival": 0.583333,
        "best_return": 0.313131,
        "worst_return": -0.32493,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": -0.070796,
        "positive_rate": 0.285714,
        "directional_follow_through": 0.714286,
        "median_excess_return": -0.116946,
        "regime_survival": 0.428571,
        "best_return": 0.435644,
        "worst_return": -0.521825,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": -0.09886,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.275382,
        "regime_survival": 0.5,
        "best_return": 0.684211,
        "worst_return": -0.594276,
        "sufficient": false
      }
    ],
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        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2024-03-01",
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        "return": -0.186957,
        "active": false
      },
      {
        "regime": "downward_expansion",
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        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "active": false
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      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "return": 0.20603,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-05-02",
        "tenure": "New",
        "return": 0.229508,
        "active": false
      },
      {
        "regime": "upward_expansion",
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        "return": -0.070513,
        "active": false
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        "gate": "down",
        "direction": -34.247359,
        "energy": 16.653605,
        "activity_lines": [
          2.742667,
          2.735273,
          2.767238,
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        ]
      },
      {
        "date": "2026-05-08",
        "close": 2.68,
        "volume": 33735,
        "typical_volume": 41472.9,
        "trend": 2.818667,
        "fair_value": 2.436731,
        "relative_strength": -10.640575,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -41.204937,
        "energy": 19.042812,
        "activity_lines": [
          2.729333,
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        ]
      },
      {
        "date": "2026-05-15",
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        "volume": 15335,
        "typical_volume": 41595.45,
        "trend": 2.813333,
        "fair_value": 2.439808,
        "relative_strength": -8.27375,
        "stage": 4,
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        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -37.696336,
        "energy": 16.247951,
        "activity_lines": [
          2.721333,
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          2.770151
        ]
      },
      {
        "date": "2026-05-22",
        "close": 2.76,
        "volume": 27611,
        "typical_volume": 42503.2,
        "trend": 2.798,
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        "relative_strength": -9.457609,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -33.402903,
        "energy": 15.331406,
        "activity_lines": [
          2.733333,
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          2.750667,
          2.76671
        ]
      },
      {
        "date": "2026-05-29",
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        "volume": 23949,
        "typical_volume": 41803.4,
        "trend": 2.79,
        "fair_value": 2.44609,
        "relative_strength": -13.814811,
        "stage": 4,
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        "modifier": "Balance after decline",
        "gate": "down",
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        "energy": 29.718184,
        "activity_lines": [
          2.698667,
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      },
      {
        "date": "2026-06-05",
        "close": 2.62,
        "volume": 6421,
        "typical_volume": 39598.4,
        "trend": 2.778667,
        "fair_value": 2.448141,
        "relative_strength": -13.032221,
        "stage": 4,
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        "modifier": "Balance after decline",
        "gate": "down",
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        "energy": 40.499292,
        "activity_lines": [
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          2.745548
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      },
      {
        "date": "2026-06-12",
        "close": 2.62,
        "volume": 5287,
        "typical_volume": 38552.55,
        "trend": 2.766667,
        "fair_value": 2.449551,
        "relative_strength": -12.301236,
        "stage": 4,
        "regime": "balance",
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        "gate": "down",
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      },
      {
        "date": "2026-06-19",
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        "stage": 4,
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        "modifier": "Early contraction",
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        "energy": 52.940318,
        "activity_lines": [
          2.638667,
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      },
      {
        "date": "2026-06-26",
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        "volume": 0,
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        "fair_value": 2.452885,
        "relative_strength": -11.37818,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -53.628437,
        "energy": 51.081306,
        "activity_lines": [
          2.633333,
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          2.719484
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      },
      {
        "date": "2026-07-03",
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        "volume": 0,
        "typical_volume": 31323.85,
        "trend": 2.74,
        "fair_value": 2.453782,
        "relative_strength": -16.247709,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -60.031729,
        "energy": 49.886285,
        "activity_lines": [
          2.622667,
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          2.709806
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      },
      {
        "date": "2026-07-10",
        "close": 2.66,
        "volume": 1333,
        "typical_volume": 19728.6,
        "trend": 2.734,
        "fair_value": 2.455577,
        "relative_strength": -11.714106,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -50.816888,
        "energy": 30.734117,
        "activity_lines": [
          2.634667,
          2.642545,
          2.673238,
          2.704645
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      },
      {
        "date": "2026-07-17",
        "close": 2.64,
        "volume": 0,
        "typical_volume": 18442.2,
        "trend": 2.730667,
        "fair_value": 2.456731,
        "relative_strength": -11.335908,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -48.822699,
        "energy": 28.804792,
        "activity_lines": [
          2.637333,
          2.639636,
          2.667333,
          2.698581
        ]
      },
      {
        "date": "2026-07-24",
        "close": 2.62,
        "volume": 12464,
        "typical_volume": 17549.45,
        "trend": 2.728667,
        "fair_value": 2.457115,
        "relative_strength": -12.6046,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -52.260774,
        "energy": 30.413035,
        "activity_lines": [
          2.632,
          2.633818,
          2.660857,
          2.691441
        ]
      },
      {
        "date": "2026-07-31",
        "close": 2.66,
        "volume": 21046,
        "typical_volume": 17152.05,
        "trend": 2.726,
        "fair_value": 2.458782,
        "relative_strength": -12.668671,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -37.289664,
        "energy": 20.643307,
        "activity_lines": [
          2.641333,
          2.636727,
          2.658857,
          2.687011
        ]
      },
      {
        "date": "2026-08-07",
        "close": 2.68,
        "volume": 23129,
        "typical_volume": 17423.65,
        "trend": 2.723333,
        "fair_value": 2.459808,
        "relative_strength": -13.881387,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -34.230855,
        "energy": 16.740268,
        "activity_lines": [
          2.656,
          2.645091,
          2.659048,
          2.684043
        ]
      }
    ],
    "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."
    }
  }
}