{
  "ticker": {
    "uuid": "98005092-347a-4b4c-8483-1768c64e05c0",
    "symbol": "2840",
    "name": "iFreeETF NASDAQ100 (NON HEDGED)",
    "exchange": "JPX",
    "country": "JP",
    "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": "^N225",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1c",
    "phase_label": "Stage 1C \u00b7 Breakout watch",
    "transition": "stage_1_to_2_watch",
    "transition_label": "Stage 1 \u2192 2 watch",
    "confidence": 88.45,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 37.788,
    "architecture_energy": 24.574,
    "architecture_maturity": 67.417,
    "architecture_confidence": 80.864,
    "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": 39.03,
        "rotation_up": 26.53,
        "upward_expansion": 59.78,
        "deceleration": 88.32,
        "rotation_down": 28.8,
        "downward_expansion": 21.11
      },
      "activity_lines": [
        2678.0,
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        2681.17619,
        2596.29887
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 2688.0,
    "trend_reference": 2488.411361,
    "distance_from_trend": 0.080207,
    "trend_direction": "Improving",
    "fair_value": 12361.465346,
    "distance_from_fair_value": -0.78255,
    "fair_value_direction": "Improving",
    "relative_strength": -4.669977,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.211905,
    "excess_performance": 0.002646,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.080207,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.064904,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.78255,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.028768,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.0467,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.024647,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.211905,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.80747,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 805830,
      "relative_activity": 1.49678,
      "balance": 1.80747,
      "dry_up": 1.203122,
      "accumulation_observations": 5,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.035314,
      "annualized_volatility": 0.163056,
      "from_high_reference": -0.056842,
      "from_low_reference": 0.369625
    },
    "levels": {
      "trend_reference": 2488.411361,
      "fair_value_reference": 12361.465346,
      "structural_low": 2100.0,
      "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": 6,
        "median_return": 0.054934,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.004557,
        "regime_survival": 0.5,
        "best_return": 0.080312,
        "worst_return": -0.015094,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
        "median_return": 0.143344,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.007136,
        "regime_survival": 0.0,
        "best_return": 0.192476,
        "worst_return": 0.143051,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.198834,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.051642,
        "regime_survival": 0.0,
        "best_return": 0.292023,
        "worst_return": -0.924133,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.444563,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
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        "worst_return": 0.363055,
        "sufficient": false
      }
    ],
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        "regime": "upward_expansion",
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        "end": "2023-10-13",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2023-11-17",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-08-02",
        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2024-09-06",
        "tenure": "Developing",
        "return": -0.006983,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2024-09-27",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2024-10-25",
        "tenure": "New",
        "return": 0.05978,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "end": "2025-06-06",
        "tenure": "Established",
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      },
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        "regime": "deceleration",
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        "regime": "rotation_up",
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        "active": false
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      },
      {
        "date": "2026-07-24",
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        "stage": 1,
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      },
      {
        "date": "2026-07-31",
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        "volume": 798951,
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        "fair_value": 12474.067635,
        "relative_strength": -4.732506,
        "stage": 1,
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        "modifier": "Recompressing",
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        "energy": 30.41791,
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      },
      {
        "date": "2026-08-07",
        "close": 2688.0,
        "volume": 805830,
        "typical_volume": 538375.55,
        "trend": 2488.411361,
        "fair_value": 12361.465346,
        "relative_strength": -4.669977,
        "stage": 1,
        "regime": "deceleration",
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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."
    }
  }
}