{
  "ticker": {
    "uuid": "60bee07f-1e1b-4ec2-a576-8f88f2f4f1ce",
    "symbol": "XPS",
    "name": "XPS Pensions Group plc",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1c",
    "phase_label": "Stage 1C \u00b7 Breakout watch",
    "transition": "stage_1_to_2_watch",
    "transition_label": "Stage 1 \u2192 2 watch",
    "confidence": 53.216,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Value reclamation",
    "architecture_gate": "mixed",
    "architecture_direction": 44.03,
    "architecture_energy": 53.617,
    "architecture_maturity": 12.937,
    "architecture_confidence": 56.164,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating upward.",
        "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair."
      },
      "scores": {
        "balance": 17.5,
        "rotation_up": 68.44,
        "upward_expansion": 62.8,
        "deceleration": 19.09,
        "rotation_down": 19.42,
        "downward_expansion": 18.8
      },
      "activity_lines": [
        333.933333,
        327.4,
        319.533333,
        315.908602
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 344.0,
    "trend_reference": 316.55,
    "distance_from_trend": 0.086716,
    "trend_direction": "Weakening",
    "fair_value": 307.380394,
    "distance_from_fair_value": 0.119134,
    "fair_value_direction": "Improving",
    "relative_strength": -3.60712,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.005848,
    "excess_performance": -0.045387,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.086716,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.018868,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.119134,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.092791,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.036071,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.139348,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.005848,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.488053,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 3577970,
      "relative_activity": 1.250801,
      "balance": 2.488053,
      "dry_up": 1.748243,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.063305,
      "annualized_volatility": 0.237577,
      "from_high_reference": -0.106187,
      "from_low_reference": 0.250909
    },
    "levels": {
      "trend_reference": 316.55,
      "fair_value_reference": 307.380394,
      "structural_low": 275.0,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 3,
        "median_return": 0.014225,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.015588,
        "regime_survival": 0.333333,
        "best_return": 0.114187,
        "worst_return": -0.064748,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 2,
        "median_return": 0.054305,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.052842,
        "regime_survival": 0.0,
        "best_return": 0.137055,
        "worst_return": -0.028444,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": 0.070409,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.063132,
        "regime_survival": 0.0,
        "best_return": 0.144074,
        "worst_return": -0.003255,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": 0.209274,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.199411,
        "regime_survival": 0.0,
        "best_return": 0.209274,
        "worst_return": 0.209274,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-03-15",
        "end": "2024-08-23",
        "tenure": "Established",
        "return": 0.330726,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-30",
        "end": "2024-10-18",
        "tenure": "Developing",
        "return": 0.19802,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-25",
        "end": "2024-12-27",
        "tenure": "Developing",
        "return": -0.025496,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-03",
        "end": "2025-02-14",
        "tenure": "Developing",
        "return": 0.127295,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-21",
        "end": "2025-03-21",
        "tenure": "Developing",
        "return": -0.048843,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-03-28",
        "end": "2025-05-09",
        "tenure": "Developing",
        "return": 0.082895,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-06-13",
        "tenure": "Developing",
        "return": -0.064477,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-20",
        "end": "2025-09-05",
        "tenure": "Developing",
        "return": -0.051845,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-09-12",
        "end": "2026-01-09",
        "tenure": "Established",
        "return": 0.001596,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-01-16",
        "end": "2026-02-20",
        "tenure": "Developing",
        "return": -0.108911,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-02-27",
        "end": "2026-05-15",
        "tenure": "Developing",
        "return": -0.041801,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2026-05-29",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "Developing",
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        "active": false
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      {
        "regime": "rotation_up",
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        "color": "teal",
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        "tenure": "New",
        "return": 0.055215,
        "active": true
      }
    ],
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      },
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        "date": "2026-04-17",
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      },
      {
        "date": "2026-07-03",
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      {
        "date": "2026-07-10",
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      },
      {
        "date": "2026-07-17",
        "close": 333.5,
        "volume": 2447956,
        "typical_volume": 2585908.95,
        "trend": 317.030606,
        "fair_value": 304.626313,
        "relative_strength": -5.617664,
        "stage": 1,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": 28.554476,
        "energy": 28.539858,
        "activity_lines": [
          322.366667,
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      },
      {
        "date": "2026-07-24",
        "close": 326.0,
        "volume": 4252843,
        "typical_volume": 2571945.1,
        "trend": 316.681963,
        "fair_value": 305.486656,
        "relative_strength": -8.345156,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 30.093609,
        "energy": 39.44687,
        "activity_lines": [
          324.533333,
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      },
      {
        "date": "2026-07-31",
        "close": 331.5,
        "volume": 9724932,
        "typical_volume": 2813605.1,
        "trend": 316.4,
        "fair_value": 306.385457,
        "relative_strength": -7.400874,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 33.136814,
        "energy": 41.854302,
        "activity_lines": [
          327.933333,
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      },
      {
        "date": "2026-08-07",
        "close": 344.0,
        "volume": 3577970,
        "typical_volume": 2860543.55,
        "trend": 316.55,
        "fair_value": 307.380394,
        "relative_strength": -3.60712,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 44.029715,
        "energy": 53.616963,
        "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."
    }
  }
}