{
  "ticker": {
    "uuid": "94f7b0c5-2805-4eb5-95fa-b3cbde80bb72",
    "symbol": "TCI",
    "name": "Transcontinental Realty Investors",
    "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": 4,
    "stage_name": "Declining",
    "phase": "4a",
    "phase_label": "Stage 4A \u00b7 Breakdown",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Value reclamation",
    "architecture_gate": "mixed",
    "architecture_direction": -18.065,
    "architecture_energy": 17.479,
    "architecture_maturity": 70.538,
    "architecture_confidence": 85.198,
    "architecture_tenure": "Developing",
    "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": 54.24,
        "rotation_up": 18.28,
        "upward_expansion": 20.8,
        "deceleration": 70.0,
        "rotation_down": 50.36,
        "downward_expansion": 32.13
      },
      "activity_lines": [
        40.449333,
        42.416545,
        40.984905,
        40.503032
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.166667
    },
    "latest_close": 36.77,
    "trend_reference": 41.665333,
    "distance_from_trend": -0.117492,
    "trend_direction": "Weakening",
    "fair_value": 36.128462,
    "distance_from_fair_value": 0.017757,
    "fair_value_direction": "Improving",
    "relative_strength": -26.398691,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.331455,
    "excess_performance": -0.457079,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.117492,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.05868,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.017757,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.018839,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.263987,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.016622,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.331455,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.127373,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 638896,
      "relative_activity": 8.621438,
      "balance": 0.127373,
      "dry_up": 3.410688,
      "accumulation_observations": 0,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.148355,
      "annualized_volatility": 0.674227,
      "from_high_reference": -0.383571,
      "from_low_reference": 0.168043
    },
    "levels": {
      "trend_reference": 41.665333,
      "fair_value_reference": 36.128462,
      "structural_low": 31.48,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 3,
        "median_return": 0.114435,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.074698,
        "regime_survival": 0.333333,
        "best_return": 0.170718,
        "worst_return": -0.173922,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 2,
        "median_return": 0.063698,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.001004,
        "regime_survival": 0.0,
        "best_return": 0.08941,
        "worst_return": 0.037987,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": -0.147959,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.301758,
        "regime_survival": 0.0,
        "best_return": -0.098291,
        "worst_return": -0.197627,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.172925,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.428509,
        "regime_survival": 0.0,
        "best_return": -0.153067,
        "worst_return": -0.192783,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-04-26",
        "end": "2024-05-24",
        "tenure": "Developing",
        "return": -0.032804,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-05-31",
        "end": "2024-08-09",
        "tenure": "Developing",
        "return": -0.001369,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-08-16",
        "end": "2024-09-20",
        "tenure": "Developing",
        "return": -0.070972,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-09-27",
        "end": "2024-12-20",
        "tenure": "Established",
        "return": -0.034722,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-12-27",
        "end": "2025-05-09",
        "tenure": "Established",
        "return": 0.127434,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-05-16",
        "end": "2025-08-01",
        "tenure": "Developing",
        "return": 0.148715,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-08-08",
        "end": "2025-08-22",
        "tenure": "New",
        "return": 0.152738,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-29",
        "end": "2025-10-10",
        "tenure": "Developing",
        "return": -0.061969,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-10-17",
        "end": "2025-11-21",
        "tenure": "Developing",
        "return": 0.067616,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-11-28",
        "end": "2026-01-30",
        "tenure": "Developing",
        "return": 0.15746,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-02-06",
        "end": "2026-02-20",
        "tenure": "New",
        "return": -0.174545,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-02-27",
        "end": "2026-03-20",
        "tenure": "New",
        "return": -0.097355,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-03-27",
        "end": "2026-06-19",
        "tenure": "Established",
        "return": 0.134565,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-06-26",
        "end": "2026-08-07",
        "tenure": "Developing",
        "return": -0.262387,
        "active": true
      }
    ],
    "chart_path": [
      {
        "date": "2023-08-18",
        "close": 34.62,
        "volume": 11992,
        "typical_volume": 23394.85,
        "trend": 38.970667,
        "fair_value": 35.385308,
        "relative_strength": -21.080644,
        "stage": 4,
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        "direction": -63.999359,
        "energy": 50.554416,
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      },
      {
        "date": "2023-08-25",
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      },
      {
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      },
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      {
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        "direction": -49.098733,
        "energy": 35.674748,
        "activity_lines": [
          37.284,
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          40.824762,
          43.348409
        ]
      },
      {
        "date": "2026-05-08",
        "close": 35.68,
        "volume": 18290,
        "typical_volume": 23112.8,
        "trend": 45.106667,
        "fair_value": 35.718654,
        "relative_strength": -28.060912,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -52.623104,
        "energy": 39.913386,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
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        "typical_volume": 23332.95,
        "trend": 44.764667,
        "fair_value": 35.705449,
        "relative_strength": -29.943008,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -64.559868,
        "energy": 46.807927,
        "activity_lines": [
          35.793333,
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          39.029286,
          42.050516
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      },
      {
        "date": "2026-05-22",
        "close": 36.0,
        "volume": 10225,
        "typical_volume": 23429.4,
        "trend": 44.464667,
        "fair_value": 35.699231,
        "relative_strength": -27.739079,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -59.645751,
        "energy": 47.134352,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 23931.2,
        "trend": 44.262667,
        "fair_value": 35.703397,
        "relative_strength": -22.953387,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -56.268379,
        "energy": 39.312406,
        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
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        "volume": 21185,
        "typical_volume": 24463.7,
        "trend": 43.945667,
        "fair_value": 35.704615,
        "relative_strength": -24.26406,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -43.182228,
        "energy": 30.600134,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 24798.4,
        "trend": 43.831667,
        "fair_value": 35.726987,
        "relative_strength": -15.402661,
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        "regime": "downward_expansion",
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      },
      {
        "date": "2026-06-19",
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        "energy": 18.155549,
        "activity_lines": [
          39.125333,
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      },
      {
        "date": "2026-06-26",
        "close": 49.85,
        "volume": 67652,
        "typical_volume": 28270.35,
        "trend": 43.670333,
        "fair_value": 35.826859,
        "relative_strength": 4.025343,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "down",
        "direction": 24.434257,
        "energy": 31.698399,
        "activity_lines": [
          42.906667,
          40.189636,
          38.719905,
          40.603376
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      },
      {
        "date": "2026-07-03",
        "close": 48.47,
        "volume": 48335,
        "typical_volume": 30454.7,
        "trend": 43.823667,
        "fair_value": 35.904231,
        "relative_strength": -0.79099,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 38.445042,
        "energy": 54.006896,
        "activity_lines": [
          45.304667,
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          39.629905,
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        ]
      },
      {
        "date": "2026-07-10",
        "close": 44.97,
        "volume": 32231,
        "typical_volume": 31529.75,
        "trend": 43.658667,
        "fair_value": 35.967885,
        "relative_strength": -8.912122,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 24.646031,
        "energy": 56.071067,
        "activity_lines": [
          45.888667,
          42.940909,
          40.231714,
          40.986989
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      },
      {
        "date": "2026-07-17",
        "close": 45.61,
        "volume": 26631,
        "typical_volume": 31733.3,
        "trend": 43.240667,
        "fair_value": 36.037179,
        "relative_strength": -6.101995,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 25.306682,
        "energy": 55.712482,
        "activity_lines": [
          46.155333,
          43.848182,
          40.896524,
          41.112882
        ]
      },
      {
        "date": "2026-07-24",
        "close": 41.18,
        "volume": 58775,
        "typical_volume": 33700.15,
        "trend": 42.778,
        "fair_value": 36.076859,
        "relative_strength": -14.470119,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 27.298735,
        "energy": 28.495624,
        "activity_lines": [
          44.669333,
          43.769455,
          41.096857,
          40.979935
        ]
      },
      {
        "date": "2026-07-31",
        "close": 40.79,
        "volume": 286701,
        "typical_volume": 46525.25,
        "trend": 42.174,
        "fair_value": 36.117115,
        "relative_strength": -15.948494,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 8.915558,
        "energy": 9.075303,
        "activity_lines": [
          42.927333,
          43.502,
          41.237667,
          40.851677
        ]
      },
      {
        "date": "2026-08-07",
        "close": 36.77,
        "volume": 638896,
        "typical_volume": 74105.5,
        "trend": 41.665333,
        "fair_value": 36.128462,
        "relative_strength": -26.398691,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": -18.064606,
        "energy": 17.478988,
        "activity_lines": [
          40.449333,
          42.416545,
          40.984905,
          40.503032
        ]
      }
    ],
    "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."
    }
  }
}