{
  "ticker": {
    "uuid": "76cd1c99-b740-4181-95ed-13d6e5bc507d",
    "symbol": "ADH",
    "name": "Adairs Limited",
    "exchange": "ASX",
    "country": "AU",
    "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": "^AXJO",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4c",
    "phase_label": "Stage 4C \u00b7 Repair watch",
    "transition": "stage_4_to_1_watch",
    "transition_label": "Stage 4 \u2192 1 repair watch",
    "confidence": 66.432,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": 4.576,
    "architecture_energy": 11.641,
    "architecture_maturity": 24.401,
    "architecture_confidence": 62.809,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 55.62,
        "rotation_up": 31.36,
        "upward_expansion": 35.5,
        "deceleration": 41.69,
        "rotation_down": 21.76,
        "downward_expansion": 41.5
      },
      "activity_lines": [
        1.452,
        1.439091,
        1.38569,
        1.397647
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 1.495,
    "trend_reference": 1.458127,
    "distance_from_trend": 0.025288,
    "trend_direction": "Weakening",
    "fair_value": 1.849569,
    "distance_from_fair_value": -0.191704,
    "fair_value_direction": "Improving",
    "relative_strength": -17.524328,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.133255,
    "excess_performance": -0.196961,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.025288,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.074698,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.191704,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.150663,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.175243,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.198048,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.133255,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.059596,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1949595,
      "relative_activity": 0.644237,
      "balance": 1.059596,
      "dry_up": 0.523548,
      "accumulation_observations": 1,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.080525,
      "annualized_volatility": 0.444592,
      "from_high_reference": -0.462437,
      "from_low_reference": 0.266949
    },
    "levels": {
      "trend_reference": 1.458127,
      "fair_value_reference": 1.849569,
      "structural_low": 1.18,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": 0.027397,
        "positive_rate": 0.636364,
        "directional_follow_through": 0.636364,
        "median_excess_return": 0.019686,
        "regime_survival": 0.272727,
        "best_return": 0.242718,
        "worst_return": -0.286666,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.040599,
        "positive_rate": 0.625,
        "directional_follow_through": 0.625,
        "median_excess_return": 0.022257,
        "regime_survival": 0.25,
        "best_return": 0.262181,
        "worst_return": -0.254086,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": 0.011163,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.019056,
        "regime_survival": 0.166667,
        "best_return": 0.314026,
        "worst_return": -0.39691,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.28659,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.288065,
        "regime_survival": 0.0,
        "best_return": 0.122804,
        "worst_return": -0.36719,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-08-09",
        "end": "2024-08-30",
        "tenure": "New",
        "return": -0.074627,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-09-06",
        "end": "2024-10-25",
        "tenure": "Developing",
        "return": 0.426284,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-11-01",
        "end": "2025-01-24",
        "tenure": "Established",
        "return": -0.023438,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-31",
        "end": "2025-02-14",
        "tenure": "New",
        "return": 0.082706,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-02-28",
        "tenure": "New",
        "return": -0.197917,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.00696,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-21",
        "end": "2025-04-18",
        "tenure": "Developing",
        "return": -0.040541,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-25",
        "end": "2025-05-16",
        "tenure": "New",
        "return": 0.248848,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-07-11",
        "tenure": "Developing",
        "return": -0.201492,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-07-18",
        "end": "2025-08-22",
        "tenure": "Developing",
        "return": 0.060748,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-09-12",
        "tenure": "New",
        "return": -0.051396,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-09-19",
        "end": "2025-10-31",
        "tenure": "Developing",
        "return": -0.292683,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-11-07",
        "end": "2026-07-03",
        "tenure": "Extended",
        "return": -0.215593,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-07-10",
        "end": "2026-08-07",
        "tenure": "Developing",
        "return": 0.003356,
        "active": true
      }
    ],
    "chart_path": [
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      {
        "date": "2026-04-17",
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      },
      {
        "date": "2026-07-03",
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      },
      {
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        "stage": 4,
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      },
      {
        "date": "2026-07-17",
        "close": 1.425,
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        "typical_volume": 3875834.55,
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        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -2.659871,
        "energy": 22.909171,
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          1.451333,
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          1.403835
        ]
      },
      {
        "date": "2026-07-24",
        "close": 1.415,
        "volume": 1234090,
        "typical_volume": 3711744.35,
        "trend": 1.478685,
        "fair_value": 1.850487,
        "relative_strength": -18.721032,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -2.273654,
        "energy": 19.863517,
        "activity_lines": [
          1.442333,
          1.412091,
          1.362595,
          1.399059
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      },
      {
        "date": "2026-07-31",
        "close": 1.43,
        "volume": 1422555,
        "typical_volume": 3533259.75,
        "trend": 1.468211,
        "fair_value": 1.850086,
        "relative_strength": -19.183858,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -5.317,
        "energy": 13.97818,
        "activity_lines": [
          1.438,
          1.421273,
          1.370857,
          1.395919
        ]
      },
      {
        "date": "2026-08-07",
        "close": 1.495,
        "volume": 1949595,
        "typical_volume": 3026208.25,
        "trend": 1.458127,
        "fair_value": 1.849569,
        "relative_strength": -17.524328,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": 4.576268,
        "energy": 11.640994,
        "activity_lines": [
          1.452,
          1.439091,
          1.38569,
          1.397647
        ]
      }
    ],
    "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."
    }
  }
}