{
  "ticker": {
    "uuid": "919f810b-a359-48d5-9184-20ad17e59a47",
    "symbol": "CEVI",
    "name": "CellaVision AB (publ)",
    "exchange": "STO",
    "country": "SE",
    "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": "^OMX",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 96.0,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Emerging rotation",
    "architecture_gate": "mixed",
    "architecture_direction": 32.826,
    "architecture_energy": 44.489,
    "architecture_maturity": 12.53,
    "architecture_confidence": 56.409,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating upward.",
        "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair."
      },
      "scores": {
        "balance": 31.36,
        "rotation_up": 62.74,
        "upward_expansion": 49.91,
        "deceleration": 20.82,
        "rotation_down": 16.43,
        "downward_expansion": 22.58
      },
      "activity_lines": [
        146.906663,
        143.970906,
        137.871561,
        138.463062
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 152.399994,
    "trend_reference": 140.899426,
    "distance_from_trend": 0.081623,
    "trend_direction": "Weakening",
    "fair_value": 185.981499,
    "distance_from_fair_value": -0.180564,
    "fair_value_direction": "Improving",
    "relative_strength": -10.715437,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.044237,
    "excess_performance": -0.105731,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.081623,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.030878,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.180564,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.197635,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.107154,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.234783,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.044237,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.683133,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 77409,
      "relative_activity": 0.432902,
      "balance": 0.683133,
      "dry_up": 0.629814,
      "accumulation_observations": 2,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.074803,
      "annualized_volatility": 0.513346,
      "from_high_reference": -0.189441,
      "from_low_reference": 0.298245
    },
    "levels": {
      "trend_reference": 140.899426,
      "fair_value_reference": 185.981499,
      "structural_low": 117.389239,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 5,
        "median_return": -0.017719,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.040807,
        "regime_survival": 0.4,
        "best_return": 0.124706,
        "worst_return": -0.211354,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
        "median_return": -0.139175,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.180872,
        "regime_survival": 0.0,
        "best_return": 0.173521,
        "worst_return": -0.455895,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": -0.128384,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.160039,
        "regime_survival": 0.333333,
        "best_return": 0.303024,
        "worst_return": -0.194845,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.100167,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.295165,
        "regime_survival": 0.0,
        "best_return": 0.135736,
        "worst_return": -0.336071,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-03-29",
        "end": "2024-05-24",
        "tenure": "Developing",
        "return": 0.073425,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-31",
        "end": "2024-08-02",
        "tenure": "Developing",
        "return": -0.061069,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-08-09",
        "end": "2024-09-06",
        "tenure": "Developing",
        "return": 0.08871,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-09-13",
        "end": "2024-11-01",
        "tenure": "Developing",
        "return": -0.149171,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-11-08",
        "end": "2024-11-15",
        "tenure": "New",
        "return": -0.032922,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-11-22",
        "end": "2024-11-29",
        "tenure": "New",
        "return": 0.006912,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-12-06",
        "end": "2025-05-30",
        "tenure": "Established",
        "return": -0.053494,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-06-06",
        "end": "2025-06-13",
        "tenure": "New",
        "return": -0.037113,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-20",
        "end": "2025-08-08",
        "tenure": "Developing",
        "return": -0.09011,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-08-15",
        "end": "2025-08-29",
        "tenure": "New",
        "return": 0.103929,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-09-05",
        "end": "2025-11-21",
        "tenure": "Developing",
        "return": -0.05988,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-11-28",
        "end": "2026-07-03",
        "tenure": "Extended",
        "return": -0.091893,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-07-10",
        "end": "2026-07-17",
        "tenure": "New",
        "return": 0.063584,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-07-24",
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        "tenure": "New",
        "return": 0.088571,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 74255.1,
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      },
      {
        "date": "2026-04-24",
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        "date": "2026-05-08",
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      },
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        "date": "2026-05-22",
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-07-03",
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      },
      {
        "date": "2026-07-10",
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        "fair_value": 187.452346,
        "relative_strength": -18.055456,
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      },
      {
        "date": "2026-07-17",
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        "volume": 180083,
        "typical_volume": 187778.55,
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        "fair_value": 186.99205,
        "relative_strength": -11.233133,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 23.485865,
        "energy": 25.23289,
        "activity_lines": [
          142.506663,
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          134.853028,
          137.433576
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      },
      {
        "date": "2026-07-24",
        "close": 140.0,
        "volume": 96920,
        "typical_volume": 186681.8,
        "trend": 141.093015,
        "fair_value": 186.53158,
        "relative_strength": -16.239625,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 15.617398,
        "energy": 25.753608,
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          142.186664,
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          135.211054,
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      },
      {
        "date": "2026-07-31",
        "close": 147.199997,
        "volume": 96067,
        "typical_volume": 178960.7,
        "trend": 141.069333,
        "fair_value": 186.212285,
        "relative_strength": -12.553828,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 23.677378,
        "energy": 32.708248,
        "activity_lines": [
          144.053331,
          141.294543,
          136.298985,
          137.732051
        ]
      },
      {
        "date": "2026-08-07",
        "close": 152.399994,
        "volume": 77409,
        "typical_volume": 178814.3,
        "trend": 140.899426,
        "fair_value": 185.981499,
        "relative_strength": -10.715437,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 32.826183,
        "energy": 44.488593,
        "activity_lines": [
          146.906663,
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          138.463062
        ]
      }
    ],
    "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."
    }
  }
}