{
  "ticker": {
    "uuid": "44cce912-382b-4798-8486-75875d195e07",
    "symbol": "WXAG",
    "name": "WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF USD Acc",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 83.916,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "up",
    "architecture_direction": 42.359,
    "architecture_energy": 32.499,
    "architecture_maturity": 34.862,
    "architecture_confidence": 73.342,
    "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": 46.89,
        "rotation_up": 56.35,
        "upward_expansion": 58.78,
        "deceleration": 71.08,
        "rotation_down": 9.36,
        "downward_expansion": 15.78
      },
      "activity_lines": [
        18.233,
        17.943509,
        18.243143,
        18.205067
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 18.57,
    "trend_reference": 17.928533,
    "distance_from_trend": 0.035779,
    "trend_direction": "Improving",
    "fair_value": 13.047308,
    "distance_from_fair_value": 0.423282,
    "fair_value_direction": "Weakening",
    "relative_strength": 6.448369,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.167484,
    "excess_performance": 0.116249,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.035779,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.067995,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.423282,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.143219,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.064484,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.193891,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.167484,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.092147,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 20134,
      "relative_activity": 0.461824,
      "balance": 1.092147,
      "dry_up": 1.109052,
      "accumulation_observations": 2,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.029886,
      "annualized_volatility": 0.170212,
      "from_high_reference": -0.089259,
      "from_low_reference": 0.508775
    },
    "levels": {
      "trend_reference": 17.928533,
      "fair_value_reference": 13.047308,
      "structural_low": 15.612,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 7,
        "median_return": 0.000507,
        "positive_rate": 0.571429,
        "directional_follow_through": 0.571429,
        "median_excess_return": -0.013515,
        "regime_survival": 0.285714,
        "best_return": 0.077273,
        "worst_return": -0.062607,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.013731,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.010938,
        "regime_survival": 0.0,
        "best_return": 0.080707,
        "worst_return": -0.047599,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.044314,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.033184,
        "regime_survival": 0.0,
        "best_return": 0.164334,
        "worst_return": -0.051887,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.140011,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.030785,
        "regime_survival": 0.0,
        "best_return": 0.246574,
        "worst_return": 0.033448,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-10-18",
        "end": "2024-11-08",
        "tenure": "New",
        "return": -0.011367,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-11-15",
        "end": "2024-12-20",
        "tenure": "Developing",
        "return": -0.004894,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-12-27",
        "end": "2025-01-10",
        "tenure": "New",
        "return": 0.036391,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-01-17",
        "end": "2025-01-31",
        "tenure": "New",
        "return": -0.007186,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-07",
        "end": "2025-03-28",
        "tenure": "Developing",
        "return": 0.0078,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-04-04",
        "end": "2025-04-11",
        "tenure": "New",
        "return": 0.007675,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-05-16",
        "tenure": "Developing",
        "return": 0.019234,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-05-23",
        "end": "2025-06-13",
        "tenure": "New",
        "return": 0.058041,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-06-20",
        "end": "2025-08-15",
        "tenure": "Developing",
        "return": -0.011238,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-08-22",
        "end": "2025-09-12",
        "tenure": "New",
        "return": 0.036148,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-09-19",
        "end": "2026-06-12",
        "tenure": "Extended",
        "return": 0.406988,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-06-19",
        "end": "2026-07-10",
        "tenure": "New",
        "return": -0.011777,
        "active": false
      },
      {
        "regime": "rotation_down",
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        "color": "orange",
        "start": "2026-07-17",
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        "tenure": "New",
        "return": 0.016255,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-08-07",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.0,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "fair_value": 12.386865,
        "relative_strength": 25.978426,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
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        "energy": 71.810923,
        "activity_lines": [
          18.974,
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      },
      {
        "date": "2026-05-08",
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        "typical_volume": 254904.3,
        "trend": 16.2259,
        "fair_value": 12.441737,
        "relative_strength": 25.837453,
        "stage": 2,
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        "modifier": "Established expansion",
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        "energy": 83.865221,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
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        "typical_volume": 253047.3,
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        "fair_value": 12.497135,
        "relative_strength": 26.299119,
        "stage": 2,
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        "modifier": "Established expansion",
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        "energy": 86.18278,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-22",
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        "volume": 16934,
        "typical_volume": 253224.35,
        "trend": 16.612666,
        "fair_value": 12.552314,
        "relative_strength": 20.927307,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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        "direction": 65.754366,
        "energy": 80.321207,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
        "close": 18.992001,
        "volume": 4100,
        "typical_volume": 129026.05,
        "trend": 16.7871,
        "fair_value": 12.605019,
        "relative_strength": 18.080298,
        "stage": 2,
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        "modifier": "Established expansion",
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        "activity_lines": [
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        ]
      },
      {
        "date": "2026-06-05",
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        "volume": 1654,
        "typical_volume": 121812.65,
        "trend": 16.947767,
        "fair_value": 12.655083,
        "relative_strength": 15.525133,
        "stage": 2,
        "regime": "upward_expansion",
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        "gate": "up",
        "direction": 50.193125,
        "energy": 45.897293,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
        "close": 18.16,
        "volume": 834,
        "typical_volume": 121523.85,
        "trend": 17.086133,
        "fair_value": 12.700853,
        "relative_strength": 11.146072,
        "stage": 2,
        "regime": "upward_expansion",
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      },
      {
        "date": "2026-06-19",
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        "fair_value": 12.746314,
        "relative_strength": 8.8607,
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        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 11.236693,
        "energy": 24.102451,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-06-26",
        "close": 16.913,
        "volume": 295,
        "typical_volume": 107464.75,
        "trend": 17.3172,
        "fair_value": 12.786878,
        "relative_strength": 2.553409,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": -22.582695,
        "energy": 37.443985,
        "activity_lines": [
          17.727,
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          18.480224,
          18.069525
        ]
      },
      {
        "date": "2026-07-03",
        "close": 17.242001,
        "volume": 4326,
        "typical_volume": 107573.4,
        "trend": 17.418067,
        "fair_value": 12.828878,
        "relative_strength": 2.628909,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": -14.195676,
        "energy": 39.376395,
        "activity_lines": [
          17.451867,
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          18.064673
        ]
      },
      {
        "date": "2026-07-10",
        "close": 17.454,
        "volume": 71818,
        "typical_volume": 110410.4,
        "trend": 17.5279,
        "fair_value": 12.869577,
        "relative_strength": 5.397909,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "mixed",
        "direction": -26.311561,
        "energy": 52.529869,
        "activity_lines": [
          17.364067,
          17.885128,
          18.3077,
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        ]
      },
      {
        "date": "2026-07-17",
        "close": 17.902,
        "volume": 44276,
        "typical_volume": 110129.0,
        "trend": 17.636633,
        "fair_value": 12.912859,
        "relative_strength": 6.716307,
        "stage": 2,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -24.961163,
        "energy": 52.985257,
        "activity_lines": [
          17.502667,
          17.802073,
          18.265786,
          18.091127
        ]
      },
      {
        "date": "2026-07-24",
        "close": 18.205,
        "volume": 4372,
        "typical_volume": 67368.4,
        "trend": 17.728767,
        "fair_value": 12.957058,
        "relative_strength": 6.759814,
        "stage": 2,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "up",
        "direction": -0.824395,
        "energy": 17.34954,
        "activity_lines": [
          17.759467,
          17.802982,
          18.248357,
          18.127796
        ]
      },
      {
        "date": "2026-07-31",
        "close": 18.193001,
        "volume": 124622,
        "typical_volume": 44555.7,
        "trend": 17.836533,
        "fair_value": 13.000923,
        "relative_strength": 5.017081,
        "stage": 2,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -0.991039,
        "energy": 10.042507,
        "activity_lines": [
          17.976067,
          17.827746,
          18.227953,
          18.157746
        ]
      },
      {
        "date": "2026-08-07",
        "close": 18.57,
        "volume": 20134,
        "typical_volume": 43596.7,
        "trend": 17.928533,
        "fair_value": 13.047308,
        "relative_strength": 6.448369,
        "stage": 2,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "up",
        "direction": 42.359084,
        "energy": 32.499161,
        "activity_lines": [
          18.233,
          17.943509,
          18.243143,
          18.205067
        ]
      }
    ],
    "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."
    }
  }
}