{
  "ticker": {
    "uuid": "825b3546-fa62-4685-b3b0-14f932c38efd",
    "symbol": "HEEM",
    "name": "ISHARES CURRENCY HEDGED MSCI EMERGING MARKETS ETF",
    "exchange": "CBOE",
    "country": "US",
    "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": "SPY",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 69.674,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 8.703,
    "architecture_energy": 15.964,
    "architecture_maturity": 60.908,
    "architecture_confidence": 94.124,
    "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": 59.08,
        "rotation_up": 16.66,
        "upward_expansion": 44.93,
        "deceleration": 87.73,
        "rotation_down": 41.19,
        "downward_expansion": 29.93
      },
      "activity_lines": [
        41.31066,
        42.029884,
        42.162407,
        41.343966
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.5
    },
    "latest_close": 41.73,
    "trend_reference": 40.260496,
    "distance_from_trend": 0.0365,
    "trend_direction": "Improving",
    "fair_value": 29.224606,
    "distance_from_fair_value": 0.427906,
    "fair_value_direction": "Weakening",
    "relative_strength": 0.276995,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.095563,
    "excess_performance": -0.030062,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.0365,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.072176,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.427906,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.134612,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.00277,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.134414,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.095563,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.219297,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1248133,
      "relative_activity": 2.290208,
      "balance": 1.219297,
      "dry_up": 2.227136,
      "accumulation_observations": 3,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.057569,
      "annualized_volatility": 0.244285,
      "from_high_reference": -0.097568,
      "from_low_reference": 0.394585
    },
    "levels": {
      "trend_reference": 40.260496,
      "fair_value_reference": 29.224606,
      "structural_low": 35.53,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 9,
        "median_return": 0.000389,
        "positive_rate": 0.555556,
        "directional_follow_through": 0.555556,
        "median_excess_return": -0.009445,
        "regime_survival": 0.555556,
        "best_return": 0.13817,
        "worst_return": -0.03562,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.059618,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.037923,
        "regime_survival": 0.2,
        "best_return": 0.21773,
        "worst_return": 0.003731,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": 0.049941,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.07964,
        "regime_survival": 0.0,
        "best_return": 0.075688,
        "worst_return": 0.024195,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.139215,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.110082,
        "regime_survival": 0.0,
        "best_return": 0.206061,
        "worst_return": 0.072369,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2023-12-15",
        "tenure": "New",
        "return": 0.008276,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2023-12-22",
        "end": "2024-02-16",
        "tenure": "Developing",
        "return": 0.028435,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2024-08-30",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2025-01-10",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "Developing",
        "return": 0.046875,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "return": -0.093153,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "end": "2025-05-23",
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        "return": 0.087891,
        "active": false
      },
      {
        "regime": "upward_expansion",
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      {
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        "active": true
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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": 382644.35,
        "trend": 39.716386,
        "fair_value": 28.875677,
        "relative_strength": 3.264872,
        "stage": 2,
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        "direction": 35.91045,
        "energy": 20.988918,
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      },
      {
        "date": "2026-07-24",
        "close": 40.7533,
        "volume": 1353757,
        "typical_volume": 437307.8,
        "trend": 39.912162,
        "fair_value": 28.986426,
        "relative_strength": 2.970004,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 22.203391,
        "energy": 19.405293,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 40.88,
        "volume": 1160947,
        "typical_volume": 490867.95,
        "trend": 40.084829,
        "fair_value": 29.101465,
        "relative_strength": 1.913736,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 15.953541,
        "energy": 17.507654,
        "activity_lines": [
          41.297807,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 41.73,
        "volume": 1248133,
        "typical_volume": 544986.8,
        "trend": 40.260496,
        "fair_value": 29.224606,
        "relative_strength": 0.276995,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 8.70265,
        "energy": 15.963964,
        "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."
    }
  }
}