{
  "ticker": {
    "uuid": "7e0d5deb-ac58-4438-a6ea-1f5b2c781a0c",
    "symbol": "VHYL",
    "name": "Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing",
    "exchange": "EBS",
    "country": "CH",
    "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": "^SSMI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 86.228,
    "architecture_energy": 79.11,
    "architecture_maturity": 38.996,
    "architecture_confidence": 68.599,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 0.17,
        "rotation_up": 83.66,
        "upward_expansion": 92.35,
        "deceleration": 47.42,
        "rotation_down": 12.42,
        "downward_expansion": 14.35
      },
      "activity_lines": [
        75.184001,
        74.325456,
        72.615044,
        71.37681
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 76.040001,
    "trend_reference": 69.92534,
    "distance_from_trend": 0.087446,
    "trend_direction": "Improving",
    "fair_value": 59.077289,
    "distance_from_fair_value": 0.287127,
    "fair_value_direction": "Improving",
    "relative_strength": 2.861246,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.114566,
    "excess_performance": 0.031682,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.087446,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.048685,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.287127,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.086905,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.028612,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.017862,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.114566,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 6.994485,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 92468,
      "relative_activity": 1.621732,
      "balance": 6.994485,
      "dry_up": 2.745008,
      "accumulation_observations": 3,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.015005,
      "annualized_volatility": 0.093422,
      "from_high_reference": -0.006013,
      "from_low_reference": 0.267193
    },
    "levels": {
      "trend_reference": 69.92534,
      "fair_value_reference": 59.077289,
      "structural_low": 64.599998,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 38,
        "median_return": 0.008586,
        "positive_rate": 0.605263,
        "directional_follow_through": 0.605263,
        "median_excess_return": 0.000726,
        "regime_survival": 0.736842,
        "best_return": 0.059756,
        "worst_return": -0.10797,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 14,
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        "positive_rate": 0.714286,
        "directional_follow_through": 0.714286,
        "median_excess_return": 0.016014,
        "regime_survival": 0.5,
        "best_return": 0.115101,
        "worst_return": -0.077462,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": 0.020191,
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        "directional_follow_through": 0.571429,
        "median_excess_return": -0.002341,
        "regime_survival": 0.428571,
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        "worst_return": -0.071192,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "worst_return": -0.004815,
        "sufficient": false
      }
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        "color": "amber",
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        "end": "2024-07-12",
        "tenure": "New",
        "return": 0.037056,
        "active": false
      },
      {
        "regime": "upward_expansion",
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        "tenure": "Developing",
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      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
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        "active": false
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      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
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        "regime": "upward_expansion",
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      },
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        "end": "2025-03-28",
        "tenure": "New",
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        "active": false
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        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-04-25",
        "tenure": "New",
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        "active": false
      },
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        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2025-05-30",
        "tenure": "Developing",
        "return": 0.024127,
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        "regime": "balance",
        "label": "Balance",
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        "regime": "rotation_up",
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        "date": "2026-05-01",
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-07-03",
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      },
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 45872.6,
        "trend": 68.884646,
        "fair_value": 58.573419,
        "relative_strength": 1.383365,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 76.614261,
        "energy": 90.650607,
        "activity_lines": [
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          70.166072
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      },
      {
        "date": "2026-07-24",
        "close": 75.5,
        "volume": 235915,
        "typical_volume": 54856.25,
        "trend": 69.261502,
        "fair_value": 58.738183,
        "relative_strength": 3.829494,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 92.970588,
        "energy": 95.873854,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 74.980003,
        "volume": 49971,
        "typical_volume": 54304.15,
        "trend": 69.607427,
        "fair_value": 58.903689,
        "relative_strength": 2.898066,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 77.891679,
        "energy": 78.117505,
        "activity_lines": [
          74.592001,
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          70.961805
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      },
      {
        "date": "2026-08-07",
        "close": 76.040001,
        "volume": 92468,
        "typical_volume": 57018.05,
        "trend": 69.92534,
        "fair_value": 59.077289,
        "relative_strength": 2.861246,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 86.22848,
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        "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."
    }
  }
}