{ "ticker": { "uuid": "9206ff70-5212-4a08-b5ed-b51a39a75d99", "symbol": "FNV", "name": "Franco-Nevada Corporation", "exchange": "NYSE", "country": "US", "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": "SPY", "stage": 3, "stage_name": "Distribution", "phase": "3b", "phase_label": "Stage 3B \u00b7 Distribution", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 83.239, "architecture_regime": "downward_expansion", "architecture_regime_label": "Downward Expansion", "architecture_modifier": "Early contraction", "architecture_gate": "down", "architecture_direction": -19.552, "architecture_energy": 13.06, "architecture_maturity": 41.744, "architecture_confidence": 64.229, "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": 50.18, "rotation_up": 28.07, "upward_expansion": 20.44, "deceleration": 42.69, "rotation_down": 25.45, "downward_expansion": 56.78 }, "activity_lines": [ 219.735333, 216.403056, 220.582588, 226.845583 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": -0.166667 }, "latest_close": 238.65, "trend_reference": 234.358271, "distance_from_trend": 0.018313, "trend_direction": "Improving", "fair_value": 159.967393, "distance_from_fair_value": 0.491867, "fair_value_direction": "Weakening", "relative_strength": -3.54791, "relative_strength_direction": "Weakening", "price_momentum": 0.032206, "excess_performance": -0.093419, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.018313, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.012439, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.491867, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.017256, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.035479, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.036384, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.032206, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.683939, "read": "Supply-led" } ], "volume": { "latest": 4472597, "relative_activity": 1.143604, "balance": 0.683939, "dry_up": 0.997983, "accumulation_observations": 3, "distribution_observations": 4 }, "risk": { "range_context": 0.076714, "annualized_volatility": 0.42209, "from_high_reference": -0.16143, "from_low_reference": 0.452109 }, "levels": { "trend_reference": 234.358271, "fair_value_reference": 159.967393, 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"date": "2026-07-24", "close": 214.68, "volume": 3976969, "typical_volume": 4101092.55, "trend": 233.829233, "fair_value": 158.832187, "relative_strength": -8.862402, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -57.065366, "energy": 48.222001, "activity_lines": [ 209.556, 212.489129, 220.896979, 227.894576 ] }, { "date": "2026-07-31", "close": 212.92, "volume": 3308985, "typical_volume": 3972544.05, "trend": 234.000149, "fair_value": 159.326281, "relative_strength": -10.7193, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -56.133374, "energy": 40.74295, "activity_lines": [ 210.283333, 211.990708, 219.423074, 226.545593 ] }, { "date": "2026-08-07", "close": 238.65, "volume": 4472597, "typical_volume": 3910967.6, "trend": 234.358271, "fair_value": 159.967393, "relative_strength": -3.54791, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -19.551711, "energy": 13.059873, "activity_lines": [ 219.735333, 216.403056, 220.582588, 226.845583 ] } ], "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." } } }