{
  "ticker": {
    "uuid": "42f90637-b0c6-4445-9386-a93275892d83",
    "symbol": "114470",
    "name": "KOSEF KTB",
    "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": 1,
    "stage_name": "Basing",
    "phase": "1c",
    "phase_label": "Stage 1C \u00b7 Breakout watch",
    "transition": "stage_1_to_2_watch",
    "transition_label": "Stage 1 \u2192 2 watch",
    "confidence": 59.368,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": 8.38,
    "architecture_energy": 13.623,
    "architecture_maturity": 12.161,
    "architecture_confidence": 57.342,
    "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": 58.66,
        "rotation_up": 36.07,
        "upward_expansion": 33.25,
        "deceleration": 43.43,
        "rotation_down": 18.37,
        "downward_expansion": 43.92
      },
      "activity_lines": [
        107787.666667,
        107686.309091,
        107565.857403,
        107710.880309
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.166667
    },
    "latest_close": 108110.0,
    "trend_reference": 107954.07474,
    "distance_from_trend": 0.001444,
    "trend_direction": "Weakening",
    "fair_value": 106218.572466,
    "distance_from_fair_value": 0.017807,
    "fair_value_direction": "Weakening",
    "relative_strength": -22.00155,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.002544,
    "excess_performance": -0.232373,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.001444,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.003357,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.017807,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.000967,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.220015,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.264263,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.002544,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.314717,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 8216,
      "relative_activity": 0.289653,
      "balance": 2.314717,
      "dry_up": 0.186612,
      "accumulation_observations": 2,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.003624,
      "annualized_volatility": 0.022802,
      "from_high_reference": -0.015936,
      "from_low_reference": 0.011581
    },
    "levels": {
      "trend_reference": 107954.07474,
      "fair_value_reference": 106218.572466,
      "structural_low": 106872.309249,
      "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": 8,
        "median_return": -0.001155,
        "positive_rate": 0.375,
        "directional_follow_through": 0.375,
        "median_excess_return": 0.027016,
        "regime_survival": 0.375,
        "best_return": 0.01351,
        "worst_return": -0.012975,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 1.2e-05,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.004208,
        "regime_survival": 0.0,
        "best_return": 0.02668,
        "worst_return": -0.0177,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.015127,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.005723,
        "regime_survival": 0.0,
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        "worst_return": -0.013206,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.035056,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.027773,
        "regime_survival": 0.0,
        "best_return": 0.061759,
        "worst_return": -0.020817,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2023-05-26",
        "tenure": "Developing",
        "return": -0.002576,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2023-09-15",
        "tenure": "Established",
        "return": -0.002173,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-05-17",
        "tenure": "New",
        "return": 0.004817,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-07-11",
        "tenure": "New",
        "return": 0.002305,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Developing",
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      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
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        "regime": "downward_expansion",
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        "regime": "balance",
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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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        "trend": 107980.865104,
        "fair_value": 106167.065255,
        "relative_strength": -27.182167,
        "stage": 1,
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        "gate": "down",
        "direction": -5.137055,
        "energy": 7.550296,
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      },
      {
        "date": "2026-08-07",
        "close": 108110.0,
        "volume": 8216,
        "typical_volume": 28364.95,
        "trend": 107954.07474,
        "fair_value": 106218.572466,
        "relative_strength": -22.00155,
        "stage": 1,
        "regime": "balance",
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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."
    }
  }
}