{ "ticker": { "uuid": "7d8a2e23-436b-4d38-9fff-e26de0b91cd0", "symbol": "3128", "name": "Hang Seng China A Share ETF Series - Hang Seng China A Industry Top Index ETF", "exchange": "HKG", "country": "HK", "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": "^HSI", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 78.766, "architecture_regime": "downward_expansion", "architecture_regime_label": "Downward Expansion", "architecture_modifier": "Early contraction", "architecture_gate": "mixed", "architecture_direction": 21.608, "architecture_energy": 38.977, "architecture_maturity": 68.672, "architecture_confidence": 91.208, "architecture_tenure": "Developing", "architecture": { "interpretation": { "headline": "The weekly architecture is expanding downward.", "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation." }, "scores": { "balance": 38.44, "rotation_up": 68.71, "upward_expansion": 36.7, "deceleration": 38.5, "rotation_down": 14.67, "downward_expansion": 26.03 }, "activity_lines": [ 66.382667, 64.986346, 65.234286, 65.462592 ], "activity_state": "Moderate", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": 0.333333 }, "latest_close": 67.120003, "trend_reference": 65.745885, "distance_from_trend": 0.0209, "trend_direction": "Weakening", "fair_value": 55.478804, "distance_from_fair_value": 0.209831, "fair_value_direction": "Weakening", "relative_strength": 3.357711, "relative_strength_direction": "Weakening", "price_momentum": 0.010843, "excess_performance": 0.044425, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.0209, "read": "Above" }, { "label": "Trend direction", "positive": false, "value": -0.003635, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.209831, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.056318, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": true, "value": 0.033577, "read": "Leading" }, { "label": "Relative strength direction", "positive": false, "value": -0.026293, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.010843, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 322.09, "read": "Demand-led" } ], "volume": { "latest": 0, "relative_activity": 0.0, "balance": 322.09, "dry_up": 3.284201, "accumulation_observations": 3, "distribution_observations": 0 }, "risk": { "range_context": 0.019913, "annualized_volatility": 0.134364, "from_high_reference": -0.023283, "from_low_reference": 0.164512 }, "levels": { "trend_reference": 65.745885, "fair_value_reference": 55.478804, "structural_low": 61.380001, "invalidation": 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"fair_value": 55.090918, "relative_strength": 3.478096, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -68.2733, "energy": 88.396514, "activity_lines": [ 62.427022, 63.588348, 64.907744, 65.320928 ] }, { "date": "2026-07-17", "close": 63.900002, "volume": 2500, "typical_volume": 1970.5, "trend": 65.682551, "fair_value": 55.179292, "relative_strength": 3.551834, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -66.425667, "energy": 86.258139, "activity_lines": [ 62.786811, 63.442531, 64.758332, 65.203559 ] }, { "date": "2026-07-24", "close": 66.599998, "volume": 21309, "typical_volume": 2220.95, "trend": 65.722551, "fair_value": 55.273456, "relative_strength": 5.901668, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -24.105168, "energy": 27.327541, "activity_lines": [ 64.104, 63.875211, 64.879967, 65.262749 ] }, { "date": "2026-07-31", "close": 67.459999, "volume": 500, "typical_volume": 1910.95, "trend": 65.759885, "fair_value": 55.372762, "relative_strength": 3.24534, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": 1.958655, "energy": 22.410149, "activity_lines": [ 65.502666, 64.481319, 65.075983, 65.374843 ] }, { "date": "2026-08-07", "close": 67.120003, "volume": 0, "typical_volume": 1850.45, "trend": 65.745885, "fair_value": 55.478804, "relative_strength": 3.357711, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "mixed", "direction": 21.60751, "energy": 38.976577, "activity_lines": [ 66.382667, 64.986346, 65.234286, 65.462592 ] } ], "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." } } }