{
  "ticker": {
    "uuid": "85acd092-8db4-4aad-bc26-8706ea0ab464",
    "symbol": "PSRM",
    "name": "Invesco RAFI Emerging Markets Fundamental Value UCITS ETF",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 78.829,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 26.679,
    "architecture_energy": 20.106,
    "architecture_maturity": 64.034,
    "architecture_confidence": 84.411,
    "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": 47.93,
        "rotation_up": 21.65,
        "upward_expansion": 53.84,
        "deceleration": 90.99,
        "rotation_down": 35.36,
        "downward_expansion": 19.84
      },
      "activity_lines": [
        969.133333,
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        978.228649,
        959.511726
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.0
    },
    "latest_close": 980.0,
    "trend_reference": 936.603411,
    "distance_from_trend": 0.046334,
    "trend_direction": "Improving",
    "fair_value": 757.015293,
    "distance_from_fair_value": 0.294558,
    "fair_value_direction": "Weakening",
    "relative_strength": 1.146014,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.089867,
    "excess_performance": 0.038632,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.046334,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.051426,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.294558,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.055384,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.01146,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.098011,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.089867,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.982959,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 27848,
      "relative_activity": 0.976172,
      "balance": 0.982959,
      "dry_up": 0.83779,
      "accumulation_observations": 2,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.043348,
      "annualized_volatility": 0.206718,
      "from_high_reference": -0.117016,
      "from_low_reference": 0.281766
    },
    "levels": {
      "trend_reference": 936.603411,
      "fair_value_reference": 757.015293,
      "structural_low": 803.187988,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 16,
        "median_return": 0.005988,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.006128,
        "regime_survival": 0.5625,
        "best_return": 0.114454,
        "worst_return": -0.051108,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.01703,
        "positive_rate": 0.571429,
        "directional_follow_through": 0.571429,
        "median_excess_return": -0.008514,
        "regime_survival": 0.0,
        "best_return": 0.165934,
        "worst_return": -0.048251,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.014021,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.031181,
        "regime_survival": 0.2,
        "best_return": 0.207239,
        "worst_return": -0.042207,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.042775,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.014877,
        "regime_survival": 0.333333,
        "best_return": 0.050311,
        "worst_return": -0.03354,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-09-20",
        "end": "2024-09-27",
        "tenure": "New",
        "return": 0.078166,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-04",
        "end": "2024-11-08",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-01-24",
        "tenure": "Developing",
        "return": 0.03726,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Developing",
        "return": -0.000601,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-04-11",
        "tenure": "New",
        "return": -0.076673,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "end": "2025-04-25",
        "tenure": "New",
        "return": 0.023315,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-05-02",
        "end": "2025-05-16",
        "tenure": "New",
        "return": 0.032707,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-07-04",
        "tenure": "Developing",
        "return": 0.035546,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Established",
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        "active": false
      },
      {
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      },
      {
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 30572.35,
        "trend": 929.395535,
        "fair_value": 752.770958,
        "relative_strength": 1.722513,
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      },
      {
        "date": "2026-07-31",
        "close": 961.25,
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        "typical_volume": 28574.0,
        "trend": 932.864045,
        "fair_value": 754.793008,
        "relative_strength": -0.393444,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 25.807943,
        "energy": 20.670124,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 980.0,
        "volume": 27848,
        "typical_volume": 28527.75,
        "trend": 936.603411,
        "fair_value": 757.015293,
        "relative_strength": 1.146014,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
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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."
    }
  }
}