{
  "ticker": {
    "uuid": "459281f8-5ec7-45fa-8a61-efd2844252f1",
    "symbol": "PAEM",
    "name": "Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF USD Acc",
    "exchange": "MIL",
    "country": "IT",
    "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": "FTSEMIB.MI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 69.006,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 27.722,
    "architecture_energy": 31.479,
    "architecture_maturity": 61.951,
    "architecture_confidence": 83.626,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 50.49,
        "rotation_up": 21.34,
        "upward_expansion": 56.73,
        "deceleration": 91.17,
        "rotation_down": 38.21,
        "downward_expansion": 20.4
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      "activity_lines": [
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.166667
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    "latest_close": 5.191,
    "trend_reference": 5.00635,
    "distance_from_trend": 0.036883,
    "trend_direction": "Improving",
    "fair_value": 3.808865,
    "distance_from_fair_value": 0.362873,
    "fair_value_direction": "Weakening",
    "relative_strength": -1.778862,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.101188,
    "excess_performance": -0.069704,
    "evidence": [
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        "label": "Price vs Trend",
        "positive": true,
        "value": 0.036883,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.061972,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.362873,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.076339,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.017789,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.153588,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.101188,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.682039,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 0,
      "relative_activity": 0.0,
      "balance": 1.682039,
      "dry_up": 0.768006,
      "accumulation_observations": 2,
      "distribution_observations": 3
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    "risk": {
      "range_context": 0.030793,
      "annualized_volatility": 0.218496,
      "from_high_reference": -0.071045,
      "from_low_reference": 0.51275
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    "levels": {
      "trend_reference": 5.00635,
      "fair_value_reference": 3.808865,
      "structural_low": 4.3975,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
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    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 3,
        "median_return": 0.059499,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.025804,
        "regime_survival": 0.333333,
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        "worst_return": 0.04227,
        "sufficient": false
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      {
        "horizon": "Intermediate",
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        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
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        "regime_survival": 0.5,
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        "worst_return": 0.009329,
        "sufficient": false
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      {
        "horizon": "Extended",
        "sample_count": 1,
        "median_return": 0.271445,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.107364,
        "regime_survival": 0.0,
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        "worst_return": 0.271445,
        "sufficient": false
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        "horizon": "Full cycle",
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        "sufficient": false
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-10-31",
        "end": "2025-12-26",
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        "return": -0.045084,
        "active": false
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        "end": "2026-01-09",
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        "return": 0.056314,
        "active": false
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        "regime": "upward_expansion",
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        "regime": "deceleration",
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        "end": "2026-04-24",
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        "regime": "deceleration",
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        "end": "2026-08-07",
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        "active": true
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
        "close": 5.191,
        "volume": 47403,
        "typical_volume": 37381.6,
        "trend": 4.988067,
        "fair_value": 3.797587,
        "relative_strength": 1.409261,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 37.20425,
        "energy": 26.845349,
        "activity_lines": [
          5.281733,
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      },
      {
        "date": "2026-08-07",
        "close": 5.191,
        "volume": 0,
        "typical_volume": 36496.8,
        "trend": 5.00635,
        "fair_value": 3.808865,
        "relative_strength": -1.778862,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 27.722082,
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        "activity_lines": [
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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."
    }
  }
}