{
  "ticker": {
    "uuid": "9b71406c-8e88-41bc-844d-6cba0b0ae73a",
    "symbol": "229720",
    "name": "KODEX KTOP 30",
    "exchange": "KSC",
    "country": "KR",
    "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": "^KS11",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 68.419,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": -8.197,
    "architecture_energy": 27.807,
    "architecture_maturity": 56.788,
    "architecture_confidence": 93.035,
    "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": 48.62,
        "rotation_up": 14.1,
        "upward_expansion": 43.08,
        "deceleration": 87.29,
        "rotation_down": 52.38,
        "downward_expansion": 39.42
      },
      "activity_lines": [
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.666667
    },
    "latest_close": 34330.0,
    "trend_reference": 35406.31875,
    "distance_from_trend": -0.030399,
    "trend_direction": "Improving",
    "fair_value": 20547.799135,
    "distance_from_fair_value": 0.670739,
    "fair_value_direction": "Weakening",
    "relative_strength": 0.626478,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.259172,
    "excess_performance": 0.029343,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.030399,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.2069,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.670739,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.453204,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.006265,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.051586,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.259172,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.245747,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 18908,
      "relative_activity": 0.545188,
      "balance": 1.245747,
      "dry_up": 0.85071,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.14088,
      "annualized_volatility": 0.451754,
      "from_high_reference": -0.317495,
      "from_low_reference": 0.933967
    },
    "levels": {
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      "fair_value_reference": 20547.799135,
      "structural_low": 27412.744141,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 3,
        "median_return": 0.042936,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.010663,
        "regime_survival": 0.0,
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        "worst_return": -0.002203,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
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        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.022315,
        "regime_survival": 0.0,
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        "worst_return": -0.059212,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 1,
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        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.013197,
        "regime_survival": 0.0,
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        "worst_return": 0.025383,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
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        "positive_rate": 1.0,
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        "worst_return": 0.072354,
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    ],
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      },
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        "regime": "upward_expansion",
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        "tenure": "Developing",
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      },
      {
        "regime": "balance",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "balance",
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        "active": false
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      {
        "regime": "rotation_down",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "tenure": "Established",
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        "regime": "balance",
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
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        "typical_volume": 34826.65,
        "trend": 35094.402995,
        "fair_value": 20438.720234,
        "relative_strength": -0.944469,
        "stage": 2,
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        "modifier": "Recompressing",
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        "energy": 22.780693,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 34330.0,
        "volume": 18908,
        "typical_volume": 34681.6,
        "trend": 35406.31875,
        "fair_value": 20547.799135,
        "relative_strength": 0.626478,
        "stage": 2,
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        "modifier": "Recompressing",
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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."
    }
  }
}