{
  "ticker": {
    "uuid": "94ae677f-8ce2-4bf4-ad12-3a9c99f0bc16",
    "symbol": "IBE",
    "name": "Iberdrola, S.A.",
    "exchange": "MCE",
    "country": "ES",
    "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": "^IBEX",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 55.182,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Early expansion",
    "architecture_gate": "up",
    "architecture_direction": 47.894,
    "architecture_energy": 37.844,
    "architecture_maturity": 49.887,
    "architecture_confidence": 42.24,
    "architecture_tenure": "Developing",
    "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": 30.14,
        "rotation_up": 46.12,
        "upward_expansion": 66.13,
        "deceleration": 65.21,
        "rotation_down": 22.73,
        "downward_expansion": 16.13
      },
      "activity_lines": [
        20.875333,
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        20.477057,
        20.247718
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 20.700001,
    "trend_reference": 19.917358,
    "distance_from_trend": 0.039295,
    "trend_direction": "Improving",
    "fair_value": 14.254738,
    "distance_from_fair_value": 0.452149,
    "fair_value_direction": "Improving",
    "relative_strength": -4.725607,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.069212,
    "excess_performance": -0.055219,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.039295,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.049004,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.452149,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.000837,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.047256,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.051517,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.069212,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.62707,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 29827136,
      "relative_activity": 0.700971,
      "balance": 0.62707,
      "dry_up": 0.825884,
      "accumulation_observations": 0,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.030082,
      "annualized_volatility": 0.175177,
      "from_high_reference": -0.035875,
      "from_low_reference": 0.368963
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    "levels": {
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      "fair_value_reference": 14.254738,
      "structural_low": 18.65524,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 39,
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        "positive_rate": 0.641026,
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        "median_excess_return": -0.009433,
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        "sufficient": true
      },
      {
        "horizon": "Intermediate",
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        "sufficient": true
      },
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        "horizon": "Extended",
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        "sufficient": true
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      {
        "horizon": "Full cycle",
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        "worst_return": 0.001676,
        "sufficient": false
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        "regime": "rotation_up",
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
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        "fair_value": 14.185297,
        "relative_strength": -3.080942,
        "stage": 2,
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        "direction": 60.887575,
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        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 20.700001,
        "volume": 29827136,
        "typical_volume": 42551190.65,
        "trend": 19.917358,
        "fair_value": 14.254738,
        "relative_strength": -4.725607,
        "stage": 2,
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        "modifier": "Early expansion",
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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."
    }
  }
}