{
  "ticker": {
    "uuid": "58f95625-596f-4140-8b9f-9752a70755c9",
    "symbol": "V3EL",
    "name": "Vanguard ESG Developed Europe All Cap UCITS ETF EUR Income",
    "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": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 81.859,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 89.461,
    "architecture_energy": 87.541,
    "architecture_maturity": 33.55,
    "architecture_confidence": 73.967,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 5.58,
        "rotation_up": 75.69,
        "upward_expansion": 94.46,
        "deceleration": 44.39,
        "rotation_down": 17.24,
        "downward_expansion": 18.79
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      "activity_lines": [
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      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.833333
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    "latest_close": 7.157,
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    "distance_from_trend": 0.069378,
    "trend_direction": "Improving",
    "fair_value": 5.801317,
    "distance_from_fair_value": 0.233685,
    "fair_value_direction": "Improving",
    "relative_strength": -5.399948,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.069283,
    "excess_performance": -0.101609,
    "evidence": [
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        "label": "Price vs Trend",
        "positive": true,
        "value": 0.069378,
        "read": "Above"
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      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.030194,
        "read": "Rising"
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      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.233685,
        "read": "Premium"
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      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.06068,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.053999,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.020842,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.069283,
        "read": "Positive"
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      {
        "label": "Volume balance",
        "positive": true,
        "value": 5.572869,
        "read": "Demand-led"
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      "dry_up": 1.312837,
      "accumulation_observations": 3,
      "distribution_observations": 0
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      "annualized_volatility": 0.145745,
      "from_high_reference": 0.0,
      "from_low_reference": 0.200414
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      "fair_value_reference": 5.801317,
      "structural_low": 6.109,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
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        "sample_count": 23,
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        "fair_value": 5.679521,
        "relative_strength": -6.33682,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 61.570217,
        "energy": 64.020984,
        "activity_lines": [
          6.720025,
          6.660987,
          6.581735,
          6.566567
        ]
      },
      {
        "date": "2026-06-12",
        "close": 6.675601,
        "volume": 0,
        "typical_volume": 2994.75,
        "trend": 6.523748,
        "fair_value": 5.690853,
        "relative_strength": -9.501728,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 61.254638,
        "energy": 68.38212,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-06-19",
        "close": 6.882,
        "volume": 0,
        "typical_volume": 2994.6,
        "trend": 6.549481,
        "fair_value": 5.703509,
        "relative_strength": -8.737829,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 81.546996,
        "energy": 77.18485,
        "activity_lines": [
          6.771656,
          6.719061,
          6.619572,
          6.600162
        ]
      },
      {
        "date": "2026-06-26",
        "close": 6.903,
        "volume": 543,
        "typical_volume": 2876.5,
        "trend": 6.575915,
        "fair_value": 5.716298,
        "relative_strength": -5.453512,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 79.678501,
        "energy": 78.747102,
        "activity_lines": [
          6.816464,
          6.761001,
          6.649128,
          6.622969
        ]
      },
      {
        "date": "2026-07-03",
        "close": 7.044,
        "volume": 0,
        "typical_volume": 2633.4,
        "trend": 6.600126,
        "fair_value": 5.729992,
        "relative_strength": -6.150275,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 89.160138,
        "energy": 93.508665,
        "activity_lines": [
          6.903072,
          6.821799,
          6.691114,
          6.653168
        ]
      },
      {
        "date": "2026-07-10",
        "close": 6.893,
        "volume": 3110,
        "typical_volume": 2638.9,
        "trend": 6.619171,
        "fair_value": 5.744186,
        "relative_strength": -7.57388,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 64.900259,
        "energy": 85.750633,
        "activity_lines": [
          6.919307,
          6.846872,
          6.716983,
          6.672064
        ]
      },
      {
        "date": "2026-07-17",
        "close": 6.957,
        "volume": 5046,
        "typical_volume": 2889.8,
        "trend": 6.639659,
        "fair_value": 5.758145,
        "relative_strength": -5.229968,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 68.776883,
        "energy": 86.044925,
        "activity_lines": [
          6.945133,
          6.8778,
          6.748555,
          6.693859
        ]
      },
      {
        "date": "2026-07-24",
        "close": 6.969,
        "volume": 101,
        "typical_volume": 2819.9,
        "trend": 6.657157,
        "fair_value": 5.771766,
        "relative_strength": -4.745504,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 70.136853,
        "energy": 84.88926,
        "activity_lines": [
          6.9562,
          6.904506,
          6.780452,
          6.715107
        ]
      },
      {
        "date": "2026-07-31",
        "close": 7.023,
        "volume": 8262,
        "typical_volume": 3207.1,
        "trend": 6.676057,
        "fair_value": 5.786112,
        "relative_strength": -4.538211,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 75.541001,
        "energy": 66.515958,
        "activity_lines": [
          6.979467,
          6.933981,
          6.816145,
          6.73871
        ]
      },
      {
        "date": "2026-08-07",
        "close": 7.157,
        "volume": 4094,
        "typical_volume": 3333.05,
        "trend": 6.692678,
        "fair_value": 5.801317,
        "relative_strength": -5.399948,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 89.461479,
        "energy": 87.540714,
        "activity_lines": [
          7.0394,
          6.98422,
          6.86162,
          6.769738
        ]
      }
    ],
    "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."
    }
  }
}