{
  "ticker": {
    "uuid": "3faba0ee-d9ae-414f-b4b4-27bebc0d94a3",
    "symbol": "ANTO",
    "name": "Antofagasta plc",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Upper balance after advance",
    "architecture_gate": "up",
    "architecture_direction": 22.272,
    "architecture_energy": 15.212,
    "architecture_maturity": 19.501,
    "architecture_confidence": 94.09,
    "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": 54.12,
        "rotation_up": 26.64,
        "upward_expansion": 37.36,
        "deceleration": 78.84,
        "rotation_down": 33.94,
        "downward_expansion": 38.03
      },
      "activity_lines": [
        3745.2,
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        3810.126332,
        3780.185987
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.333333
    },
    "latest_close": 3981.0,
    "trend_reference": 3737.473324,
    "distance_from_trend": 0.065158,
    "trend_direction": "Improving",
    "fair_value": 2270.370829,
    "distance_from_fair_value": 0.753458,
    "fair_value_direction": "Weakening",
    "relative_strength": 13.02898,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.091383,
    "excess_performance": 0.025104,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.065158,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.086943,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.753458,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.129213,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.13029,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.214409,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.091383,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.405817,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 5164731,
      "relative_activity": 0.989581,
      "balance": 1.405817,
      "dry_up": 1.072825,
      "accumulation_observations": 4,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.086669,
      "annualized_volatility": 0.4945,
      "from_high_reference": -0.11031,
      "from_low_reference": 1.092818
    },
    "levels": {
      "trend_reference": 3737.473324,
      "fair_value_reference": 2270.370829,
      "structural_low": 2977.72776,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": 0.021035,
        "positive_rate": 0.636364,
        "directional_follow_through": 0.636364,
        "median_excess_return": 0.023403,
        "regime_survival": 0.272727,
        "best_return": 0.198618,
        "worst_return": -0.153412,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.090713,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.058149,
        "regime_survival": 0.0,
        "best_return": 0.375594,
        "worst_return": -0.137684,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.074135,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.06459,
        "regime_survival": 0.0,
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        "worst_return": -0.188476,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.251898,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.1877,
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        "worst_return": 0.064597,
        "sufficient": false
      }
    ],
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        "regime": "downward_expansion",
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        "start": "2023-10-13",
        "end": "2023-12-01",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "balance",
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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      {
        "regime": "rotation_down",
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        "active": false
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      {
        "regime": "downward_expansion",
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      },
      {
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
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        "modifier": "Upper balance after advance",
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        "energy": 18.705799,
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      },
      {
        "date": "2026-08-07",
        "close": 3981.0,
        "volume": 5164731,
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        "trend": 3737.473324,
        "fair_value": 2270.370829,
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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."
    }
  }
}