{
  "ticker": {
    "uuid": "3d3b311a-0488-4f74-89ae-bf1e9a634efa",
    "symbol": "FSI",
    "name": "Flagship Investments 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": "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": "Established contraction",
    "architecture_gate": "down",
    "architecture_direction": -24.009,
    "architecture_energy": 19.356,
    "architecture_maturity": 100.0,
    "architecture_confidence": 77.422,
    "architecture_tenure": "Extended",
    "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": 45.66,
        "rotation_up": 32.01,
        "upward_expansion": 22.83,
        "deceleration": 44.02,
        "rotation_down": 20.52,
        "downward_expansion": 56.83
      },
      "activity_lines": [
        1.302667,
        1.282273,
        1.285381,
        1.336893
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 1.355,
    "trend_reference": 1.421945,
    "distance_from_trend": -0.04708,
    "trend_direction": "Weakening",
    "fair_value": 1.714975,
    "distance_from_fair_value": -0.209901,
    "fair_value_direction": "Improving",
    "relative_strength": -21.348688,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.138174,
    "excess_performance": -0.20188,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.04708,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.112994,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.209901,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.053726,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.213487,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.069247,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.138174,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.520673,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 66581,
      "relative_activity": 1.455343,
      "balance": 0.520673,
      "dry_up": 0.906177,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.040023,
      "annualized_volatility": 0.336712,
      "from_high_reference": -0.37392,
      "from_low_reference": 0.148305
    },
    "levels": {
      "trend_reference": 1.421945,
      "fair_value_reference": 1.714975,
      "structural_low": 1.18,
      "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": 21,
        "median_return": 0.0,
        "positive_rate": 0.47619,
        "directional_follow_through": 0.47619,
        "median_excess_return": -0.017077,
        "regime_survival": 0.857143,
        "best_return": 0.135295,
        "worst_return": -0.2,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": -0.035967,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.028944,
        "regime_survival": 0.5,
        "best_return": 0.098361,
        "worst_return": -0.141354,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": -0.038909,
        "positive_rate": 0.25,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.038538,
        "regime_survival": 0.25,
        "best_return": 0.176127,
        "worst_return": -0.246138,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.066077,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.110263,
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        "best_return": 0.179481,
        "worst_return": -0.215181,
        "sufficient": false
      }
    ],
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        "regime": "balance",
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        "end": "2024-08-30",
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        "active": false
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        "regime": "rotation_up",
        "label": "Rotation Up",
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      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-01-10",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "active": false
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      {
        "regime": "upward_expansion",
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      {
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        "color": "orange",
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        "end": "2025-04-25",
        "tenure": "New",
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        "active": false
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        "regime": "downward_expansion",
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      },
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        "date": "2026-05-01",
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        "date": "2026-05-08",
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        "date": "2026-05-15",
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      },
      {
        "date": "2026-05-22",
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      },
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        "date": "2026-05-29",
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        "volume": 56700,
        "typical_volume": 74689.05,
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        "date": "2026-06-05",
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      },
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      },
      {
        "date": "2026-07-03",
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 64510.9,
        "trend": 1.479444,
        "fair_value": 1.720394,
        "relative_strength": -23.242205,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -60.996632,
        "energy": 54.924211,
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          1.378116
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      },
      {
        "date": "2026-07-17",
        "close": 1.295,
        "volume": 33014,
        "typical_volume": 65639.65,
        "trend": 1.46535,
        "fair_value": 1.718914,
        "relative_strength": -22.637465,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -49.950792,
        "energy": 49.339421,
        "activity_lines": [
          1.269333,
          1.263636,
          1.29669,
          1.366216
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      },
      {
        "date": "2026-07-24",
        "close": 1.28,
        "volume": 1700,
        "typical_volume": 64146.2,
        "trend": 1.450109,
        "fair_value": 1.717338,
        "relative_strength": -22.76698,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -44.035948,
        "energy": 38.162036,
        "activity_lines": [
          1.275,
          1.266455,
          1.289333,
          1.354258
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      },
      {
        "date": "2026-07-31",
        "close": 1.26,
        "volume": 64533,
        "typical_volume": 51095.0,
        "trend": 1.434039,
        "fair_value": 1.715852,
        "relative_strength": -25.100567,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -45.163394,
        "energy": 33.338438,
        "activity_lines": [
          1.275667,
          1.265273,
          1.282048,
          1.341993
        ]
      },
      {
        "date": "2026-08-07",
        "close": 1.355,
        "volume": 66581,
        "typical_volume": 45749.35,
        "trend": 1.421945,
        "fair_value": 1.714975,
        "relative_strength": -21.348688,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -24.009118,
        "energy": 19.355697,
        "activity_lines": [
          1.302667,
          1.282273,
          1.285381,
          1.336893
        ]
      }
    ],
    "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."
    }
  }
}