{
  "ticker": {
    "uuid": "6c5e7abb-f1ea-431e-b49b-31820075c33e",
    "symbol": "6020",
    "name": "Tachan Securities Co., Ltd.",
    "exchange": "TWO",
    "country": "TW",
    "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": "2026-08-14",
    "benchmark": "^TWII",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 68.568,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 5.934,
    "architecture_energy": 15.771,
    "architecture_maturity": 47.51,
    "architecture_confidence": 71.57,
    "architecture_tenure": "Developing",
    "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": 54.93,
        "rotation_up": 16.18,
        "upward_expansion": 40.96,
        "deceleration": 85.65,
        "rotation_down": 38.26,
        "downward_expansion": 32.62
      },
      "activity_lines": [
        21.133334,
        21.599091,
        21.838333,
        21.346642
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.333333
    },
    "latest_close": 21.0,
    "trend_reference": 20.646675,
    "distance_from_trend": 0.017113,
    "trend_direction": "Improving",
    "fair_value": 18.584866,
    "distance_from_fair_value": 0.129952,
    "fair_value_direction": "Weakening",
    "relative_strength": -23.680232,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.12406,
    "excess_performance": -0.317312,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.017113,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.057652,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.129952,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.026159,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.236802,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.014998,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.12406,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.889943,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 544000,
      "relative_activity": 1.003095,
      "balance": 1.889943,
      "dry_up": 0.518701,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.074542,
      "annualized_volatility": 0.291125,
      "from_high_reference": -0.196941,
      "from_low_reference": 0.170381
    },
    "levels": {
      "trend_reference": 20.646675,
      "fair_value_reference": 18.584866,
      "structural_low": 18.632985,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 5,
        "median_return": -0.002604,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": 0.006362,
        "regime_survival": 0.6,
        "best_return": 0.113954,
        "worst_return": -0.050773,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 2,
        "median_return": -0.034248,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.024625,
        "regime_survival": 0.0,
        "best_return": -0.002625,
        "worst_return": -0.065872,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": -0.036694,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.01493,
        "regime_survival": 0.0,
        "best_return": -0.002625,
        "worst_return": -0.070763,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.033252,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.012398,
        "regime_survival": 0.0,
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        "worst_return": -0.080544,
        "sufficient": false
      }
    ],
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        "regime": "balance",
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        "end": "2024-02-02",
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Extended",
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        "regime": "deceleration",
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        "active": false
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      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "end": "2025-02-28",
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "date": "2026-05-08",
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        "date": "2026-05-22",
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      },
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        "date": "2026-07-10",
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        "fair_value": 18.486492,
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      },
      {
        "date": "2026-07-24",
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        "volume": 120020,
        "typical_volume": 511463.8,
        "trend": 20.437836,
        "fair_value": 18.514003,
        "relative_strength": -20.183729,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 34.208228,
        "energy": 18.785291,
        "activity_lines": [
          21.996666,
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          21.243872
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      },
      {
        "date": "2026-07-31",
        "close": 21.450001,
        "volume": 277191,
        "typical_volume": 523923.25,
        "trend": 20.52845,
        "fair_value": 18.540286,
        "relative_strength": -18.821522,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 30.02102,
        "energy": 18.656329,
        "activity_lines": [
          21.756667,
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          21.930831,
          21.309173
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      },
      {
        "date": "2026-08-07",
        "close": 20.700001,
        "volume": 184000,
        "typical_volume": 520272.75,
        "trend": 20.590778,
        "fair_value": 18.561761,
        "relative_strength": -22.847822,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 5.846924,
        "energy": 12.53766,
        "activity_lines": [
          21.323334,
          21.848182,
          21.873809,
          21.320241
        ]
      },
      {
        "date": "2026-08-14",
        "close": 21.0,
        "volume": 544000,
        "typical_volume": 542321.5,
        "trend": 20.646675,
        "fair_value": 18.584866,
        "relative_strength": -23.680232,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 5.934068,
        "energy": 15.771376,
        "activity_lines": [
          21.133334,
          21.599091,
          21.838333,
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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."
    }
  }
}