{
  "ticker": {
    "uuid": "6e6d0075-dd38-4936-b935-187bdd0257da",
    "symbol": "2841",
    "name": "iFreeETF NASDAQ100 (JPY HEDGED)",
    "exchange": "JPX",
    "country": "JP",
    "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": "^N225",
    "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": 92.094,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 51.5,
    "architecture_energy": 28.061,
    "architecture_maturity": 68.498,
    "architecture_confidence": 80.159,
    "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": 34.55,
        "rotation_up": 30.0,
        "upward_expansion": 58.44,
        "deceleration": 88.25,
        "rotation_down": 29.37,
        "downward_expansion": 19.77
      },
      "activity_lines": [
        1669.066667,
        1678.6,
        1672.428571,
        1627.409079
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 1720.0,
    "trend_reference": 1572.605412,
    "distance_from_trend": 0.093726,
    "trend_direction": "Improving",
    "fair_value": 5842.325463,
    "distance_from_fair_value": -0.705597,
    "fair_value_direction": "Improving",
    "relative_strength": -6.172476,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.202149,
    "excess_performance": -0.00711,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.093726,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.045927,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.705597,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.040124,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.061725,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.055642,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.202149,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.185645,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 292693,
      "relative_activity": 1.162729,
      "balance": 2.185645,
      "dry_up": 0.720258,
      "accumulation_observations": 5,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.034034,
      "annualized_volatility": 0.175917,
      "from_high_reference": -0.023837,
      "from_low_reference": 0.302044
    },
    "levels": {
      "trend_reference": 1572.605412,
      "fair_value_reference": 5842.325463,
      "structural_low": 1321.0,
      "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": 11,
        "median_return": 0.016594,
        "positive_rate": 0.727273,
        "directional_follow_through": 0.727273,
        "median_excess_return": -0.004574,
        "regime_survival": 0.545455,
        "best_return": 0.06983,
        "worst_return": -0.010112,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.064315,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": 0.000398,
        "regime_survival": 0.0,
        "best_return": 0.128175,
        "worst_return": -0.033708,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.156899,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.119497,
        "regime_survival": 0.25,
        "best_return": 0.174535,
        "worst_return": 0.115678,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.319761,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.481963,
        "regime_survival": 0.5,
        "best_return": 0.247521,
        "worst_return": -0.887044,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-31",
        "end": "2024-08-02",
        "tenure": "Developing",
        "return": -0.001296,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-09",
        "end": "2024-10-11",
        "tenure": "Developing",
        "return": 0.086245,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Developing",
        "return": 0.061997,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-12-20",
        "end": "2025-05-30",
        "tenure": "Established",
        "return": -0.004573,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-06-06",
        "end": "2025-07-18",
        "tenure": "Developing",
        "return": 0.066667,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-07-25",
        "end": "2025-11-28",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-12-05",
        "end": "2025-12-12",
        "tenure": "New",
        "return": -0.003966,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-12-19",
        "end": "2026-02-06",
        "tenure": "Developing",
        "return": -0.026599,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-02-13",
        "end": "2026-02-20",
        "tenure": "New",
        "return": 0.00875,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-02-27",
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        "tenure": "Developing",
        "return": -0.052169,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-04-03",
        "end": "2026-04-24",
        "tenure": "New",
        "return": 0.12069,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "active": false
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        "regime": "upward_expansion",
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        "regime": "deceleration",
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        "active": true
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      },
      {
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 236249.55,
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        "fair_value": 5950.014353,
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        "stage": 1,
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        "modifier": "Recompressing",
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      },
      {
        "date": "2026-07-31",
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        "volume": 258853,
        "typical_volume": 240600.5,
        "trend": 1564.985486,
        "fair_value": 5895.235231,
        "relative_strength": -9.406601,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
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        "energy": 24.865429,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 1720.0,
        "volume": 292693,
        "typical_volume": 251729.35,
        "trend": 1572.605412,
        "fair_value": 5842.325463,
        "relative_strength": -6.172476,
        "stage": 1,
        "regime": "deceleration",
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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."
    }
  }
}