{
  "ticker": {
    "uuid": "5569d3ce-8f04-42e4-8b28-ef7e585db0d4",
    "symbol": "DEM",
    "name": "WisdomTree Emerging Markets Equity Income UCITS ETF",
    "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": 75.113,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 44.048,
    "architecture_energy": 26.239,
    "architecture_maturity": 61.737,
    "architecture_confidence": 78.426,
    "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": 28.06,
        "rotation_up": 32.11,
        "upward_expansion": 61.62,
        "deceleration": 85.47,
        "rotation_down": 27.62,
        "downward_expansion": 20.62
      },
      "activity_lines": [
        16.651733,
        16.721979,
        16.571427,
        16.259835
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 16.775999,
    "trend_reference": 15.838128,
    "distance_from_trend": 0.059216,
    "trend_direction": "Improving",
    "fair_value": 13.387424,
    "distance_from_fair_value": 0.253116,
    "fair_value_direction": "Weakening",
    "relative_strength": -4.236266,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.118006,
    "excess_performance": -0.052886,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.059216,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.059317,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.253116,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.010891,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.042363,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.048671,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.118006,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.04669,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 17780,
      "relative_activity": 0.89827,
      "balance": 1.04669,
      "dry_up": 1.394074,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.026722,
      "annualized_volatility": 0.140646,
      "from_high_reference": -0.025373,
      "from_low_reference": 0.241846
    },
    "levels": {
      "trend_reference": 15.838128,
      "fair_value_reference": 13.387424,
      "structural_low": 14.226104,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 10,
        "median_return": 0.015724,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": 0.001127,
        "regime_survival": 0.4,
        "best_return": 0.065925,
        "worst_return": -0.006139,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.056636,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.026301,
        "regime_survival": 0.0,
        "best_return": 0.126169,
        "worst_return": 0.038593,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.101153,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.021198,
        "regime_survival": 0.25,
        "best_return": 0.15598,
        "worst_return": 0.004887,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.048533,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.145283,
        "regime_survival": 0.0,
        "best_return": 0.185958,
        "worst_return": 0.030103,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-22",
        "end": "2024-12-27",
        "tenure": "Developing",
        "return": -0.000428,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-01-03",
        "end": "2025-03-21",
        "tenure": "Developing",
        "return": 0.012636,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-03-28",
        "end": "2025-03-28",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-04-04",
        "end": "2025-04-11",
        "tenure": "New",
        "return": -0.029517,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-05-23",
        "tenure": "Developing",
        "return": 0.08293,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-05-30",
        "end": "2025-07-18",
        "tenure": "Developing",
        "return": 0.04501,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-07-25",
        "end": "2025-10-10",
        "tenure": "Developing",
        "return": -0.007169,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-10-17",
        "end": "2025-10-24",
        "tenure": "New",
        "return": 0.179705,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-11-21",
        "tenure": "New",
        "return": -0.005818,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-11-28",
        "end": "2026-01-16",
        "tenure": "Developing",
        "return": 0.037446,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2026-03-20",
        "tenure": "Developing",
        "return": -0.000271,
        "active": false
      },
      {
        "regime": "deceleration",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-04-24",
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        "tenure": "Established",
        "return": 0.052109,
        "active": false
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      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-08-07",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.0,
        "active": true
      }
    ],
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        "date": "2026-04-24",
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      {
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      },
      {
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        "typical_volume": 21121.6,
        "trend": 15.596144,
        "fair_value": 13.280378,
        "relative_strength": -3.412317,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 51.352168,
        "energy": 45.017613,
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          16.070681
        ]
      },
      {
        "date": "2026-07-24",
        "close": 16.681999,
        "volume": 5830,
        "typical_volume": 19375.7,
        "trend": 15.685614,
        "fair_value": 13.314366,
        "relative_strength": -1.479721,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 48.362187,
        "energy": 40.810688,
        "activity_lines": [
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          16.473933,
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        ]
      },
      {
        "date": "2026-07-31",
        "close": 16.516001,
        "volume": 31878,
        "typical_volume": 19950.25,
        "trend": 15.760354,
        "fair_value": 13.349536,
        "relative_strength": -3.030476,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 41.910771,
        "energy": 29.339252,
        "activity_lines": [
          16.63,
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          16.514175,
          16.19431
        ]
      },
      {
        "date": "2026-08-07",
        "close": 16.775999,
        "volume": 17780,
        "typical_volume": 19793.6,
        "trend": 15.838128,
        "fair_value": 13.387424,
        "relative_strength": -4.236266,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 44.047575,
        "energy": 26.239353,
        "activity_lines": [
          16.651733,
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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."
    }
  }
}