{
  "ticker": {
    "uuid": "4c7d1642-6499-46e0-aabc-34dcda807b7b",
    "symbol": "AC",
    "name": "Accor SA",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 61.353,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 29.837,
    "architecture_energy": 26.596,
    "architecture_maturity": 60.365,
    "architecture_confidence": 81.818,
    "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": 49.75,
        "rotation_up": 22.04,
        "upward_expansion": 55.81,
        "deceleration": 91.0,
        "rotation_down": 37.41,
        "downward_expansion": 21.81
      },
      "activity_lines": [
        46.406667,
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        46.395666,
        45.504703
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.0
    },
    "latest_close": 46.799999,
    "trend_reference": 44.910853,
    "distance_from_trend": 0.042064,
    "trend_direction": "Improving",
    "fair_value": 39.837045,
    "distance_from_fair_value": 0.174786,
    "fair_value_direction": "Improving",
    "relative_strength": -0.901423,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.012237,
    "excess_performance": -0.065548,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.042064,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.015821,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.174786,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.05808,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.009014,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.018257,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.012237,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.966794,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 3646679,
      "relative_activity": 1.08259,
      "balance": 0.966794,
      "dry_up": 0.99673,
      "accumulation_observations": 3,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.049183,
      "annualized_volatility": 0.316438,
      "from_high_reference": -0.090556,
      "from_low_reference": 0.283513
    },
    "levels": {
      "trend_reference": 44.910853,
      "fair_value_reference": 39.837045,
      "structural_low": 36.462413,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 8,
        "median_return": 0.004584,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.017889,
        "regime_survival": 0.375,
        "best_return": 0.074139,
        "worst_return": -0.153312,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": -0.020717,
        "positive_rate": 0.2,
        "directional_follow_through": 0.2,
        "median_excess_return": -0.029459,
        "regime_survival": 0.0,
        "best_return": 0.172711,
        "worst_return": -0.170367,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.031961,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.046315,
        "regime_survival": 0.0,
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        "worst_return": -0.052116,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.30759,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.259023,
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        "worst_return": 0.122577,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
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        "return": 0.12414,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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      },
      {
        "regime": "balance",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "deceleration",
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      },
      {
        "regime": "upward_expansion",
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        "active": false
      },
      {
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      {
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      {
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      },
      {
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      },
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        "modifier": "Balance after decline",
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      },
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        "energy": 15.415975,
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      },
      {
        "date": "2026-05-29",
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        "relative_strength": 2.831265,
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        "modifier": "Balance after decline",
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        "energy": 7.717085,
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      },
      {
        "date": "2026-06-05",
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        "fair_value": 38.847489,
        "relative_strength": 1.80956,
        "stage": 3,
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        "modifier": "Balance after decline",
        "gate": "mixed",
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      },
      {
        "date": "2026-06-12",
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        "relative_strength": 4.530619,
        "stage": 2,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 33.556889,
        "energy": 45.169181,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
        "close": 48.299999,
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        "typical_volume": 4239616.55,
        "trend": 44.462625,
        "fair_value": 39.073375,
        "relative_strength": 5.5203,
        "stage": 2,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 38.731013,
        "energy": 60.323858,
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      },
      {
        "date": "2026-06-26",
        "close": 50.18,
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        "typical_volume": 4167227.65,
        "trend": 44.625899,
        "fair_value": 39.195024,
        "relative_strength": 9.934663,
        "stage": 2,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 55.055173,
        "energy": 71.560159,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-07-03",
        "close": 50.900002,
        "volume": 510935,
        "typical_volume": 4042186.3,
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        "fair_value": 39.325228,
        "relative_strength": 9.830516,
        "stage": 2,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "up",
        "direction": 81.655071,
        "energy": 86.459908,
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      },
      {
        "date": "2026-07-10",
        "close": 48.990002,
        "volume": 3361959,
        "typical_volume": 3999819.7,
        "trend": 44.932249,
        "fair_value": 39.440073,
        "relative_strength": 7.853016,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 66.180887,
        "energy": 79.664377,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 46.810001,
        "volume": 3251413,
        "typical_volume": 3958863.35,
        "trend": 44.936567,
        "fair_value": 39.540472,
        "relative_strength": 3.191794,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 62.823253,
        "energy": 65.644785,
        "activity_lines": [
          48.758001,
          48.036405,
          45.929212,
          45.280286
        ]
      },
      {
        "date": "2026-07-24",
        "close": 46.310001,
        "volume": 3245682,
        "typical_volume": 3725713.5,
        "trend": 44.939113,
        "fair_value": 39.637137,
        "relative_strength": 1.909809,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 47.923382,
        "energy": 37.517125,
        "activity_lines": [
          47.849335,
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          46.128904,
          45.368895
        ]
      },
      {
        "date": "2026-07-31",
        "close": 45.139999,
        "volume": 3286079,
        "typical_volume": 3648400.75,
        "trend": 44.895859,
        "fair_value": 39.733299,
        "relative_strength": -2.22071,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 32.818021,
        "energy": 22.87866,
        "activity_lines": [
          46.683334,
          47.522364,
          46.197053,
          45.381855
        ]
      },
      {
        "date": "2026-08-07",
        "close": 46.799999,
        "volume": 3646679,
        "typical_volume": 3368477.6,
        "trend": 44.910853,
        "fair_value": 39.837045,
        "relative_strength": -0.901423,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 29.836915,
        "energy": 26.595885,
        "activity_lines": [
          46.406667,
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          46.395666,
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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."
    }
  }
}