{
  "ticker": {
    "uuid": "a28b4c26-425b-44e5-833e-94ab57f0b210",
    "symbol": "TPFG",
    "name": "The Property Franchise Group PLC",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "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": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Upper balance after advance",
    "architecture_gate": "mixed",
    "architecture_direction": -33.092,
    "architecture_energy": 23.621,
    "architecture_maturity": 6.591,
    "architecture_confidence": 64.81,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 47.96,
        "rotation_up": 22.1,
        "upward_expansion": 10.89,
        "deceleration": 51.1,
        "rotation_down": 55.21,
        "downward_expansion": 47.89
      },
      "activity_lines": [
        463.433333,
        470.927273,
        474.490254,
        471.084482
      ],
      "activity_state": "Compressed",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.5
    },
    "latest_close": 445.0,
    "trend_reference": 472.090093,
    "distance_from_trend": -0.057383,
    "trend_direction": "Weakening",
    "fair_value": 437.603427,
    "distance_from_fair_value": 0.016902,
    "fair_value_direction": "Weakening",
    "relative_strength": -18.540242,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.098914,
    "excess_performance": -0.15015,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.057383,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.023204,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.016902,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.113455,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.185402,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.054002,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.098914,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.884862,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 566778,
      "relative_activity": 1.434335,
      "balance": 0.884862,
      "dry_up": 1.381421,
      "accumulation_observations": 2,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.07255,
      "annualized_volatility": 0.465195,
      "from_high_reference": -0.258106,
      "from_low_reference": 0.275462
    },
    "levels": {
      "trend_reference": 472.090093,
      "fair_value_reference": 437.603427,
      "structural_low": 404.876014,
      "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": 12,
        "median_return": 0.017458,
        "positive_rate": 0.583333,
        "directional_follow_through": 0.583333,
        "median_excess_return": 0.002587,
        "regime_survival": 0.333333,
        "best_return": 0.151515,
        "worst_return": -0.108108,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.035484,
        "positive_rate": 0.714286,
        "directional_follow_through": 0.714286,
        "median_excess_return": 0.020386,
        "regime_survival": 0.285714,
        "best_return": 0.324491,
        "worst_return": -0.189189,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.115901,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.060722,
        "regime_survival": 0.0,
        "best_return": 0.295872,
        "worst_return": -0.045045,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.149574,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.00506,
        "regime_survival": 0.0,
        "best_return": 0.607762,
        "worst_return": -0.277164,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-02-21",
        "end": "2025-02-28",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-03-07",
        "end": "2025-03-28",
        "tenure": "New",
        "return": -0.027273,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-04-04",
        "end": "2025-05-09",
        "tenure": "Developing",
        "return": 0.114095,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-08-01",
        "tenure": "Developing",
        "return": 0.122513,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-08-15",
        "tenure": "New",
        "return": 0.005357,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-22",
        "end": "2025-10-24",
        "tenure": "Developing",
        "return": -0.028455,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-11-07",
        "tenure": "New",
        "return": -0.007737,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-11-14",
        "end": "2025-12-19",
        "tenure": "Developing",
        "return": 0.076923,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-12-26",
        "end": "2026-05-01",
        "tenure": "Established",
        "return": -0.036751,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-05-08",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2026-07-03",
        "tenure": "New",
        "return": -0.018557,
        "active": false
      },
      {
        "regime": "balance",
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        "color": "blue",
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        "return": -0.068783,
        "active": false
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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      {
        "regime": "balance",
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        "active": true
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        "direction": -46.407915,
        "energy": 37.185155,
        "activity_lines": [
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      },
      {
        "date": "2026-04-24",
        "close": 509.843872,
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        "typical_volume": 706898.9,
        "trend": 496.481301,
        "fair_value": 419.790252,
        "relative_strength": -8.81901,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
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      },
      {
        "date": "2026-05-01",
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        "stage": 4,
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        "gate": "down",
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        "energy": 17.816744,
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      },
      {
        "date": "2026-05-08",
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        "volume": 259154,
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        "relative_strength": -13.139993,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
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      },
      {
        "date": "2026-05-15",
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        "volume": 240139,
        "typical_volume": 740046.05,
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        "relative_strength": -16.530738,
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        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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      },
      {
        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 599886.95,
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        "stage": 4,
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      },
      {
        "date": "2026-06-19",
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        "gate": "mixed",
        "direction": 32.125397,
        "energy": 42.348185,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 485.0,
        "volume": 15317,
        "typical_volume": 478015.85,
        "trend": 482.191662,
        "fair_value": 429.914378,
        "relative_strength": -11.265908,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 19.849598,
        "energy": 32.901756,
        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
        "close": 476.0,
        "volume": 54110,
        "typical_volume": 418563.75,
        "trend": 480.530362,
        "fair_value": 431.230627,
        "relative_strength": -13.734079,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 413177.4,
        "trend": 478.719072,
        "fair_value": 432.511636,
        "relative_strength": -12.341344,
        "stage": 4,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": 7.139779,
        "energy": 7.920972,
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          480.8,
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      },
      {
        "date": "2026-07-17",
        "close": 440.0,
        "volume": 280177,
        "typical_volume": 393441.05,
        "trend": 476.124358,
        "fair_value": 433.619525,
        "relative_strength": -18.641072,
        "stage": 4,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "down",
        "direction": -44.295808,
        "energy": 28.592579,
        "activity_lines": [
          466.133333,
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          473.00059,
          471.491293
        ]
      },
      {
        "date": "2026-07-24",
        "close": 528.0,
        "volume": 822780,
        "typical_volume": 402055.2,
        "trend": 476.4963,
        "fair_value": 435.307522,
        "relative_strength": -3.295465,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 29.797374,
        "energy": 14.111612,
        "activity_lines": [
          483.633333,
          484.009091,
          479.008888,
          474.838108
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      },
      {
        "date": "2026-07-31",
        "close": 447.5,
        "volume": 513741,
        "typical_volume": 405844.2,
        "trend": 474.184909,
        "fair_value": 436.447481,
        "relative_strength": -18.482037,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": -21.618697,
        "energy": 13.243836,
        "activity_lines": [
          472.7,
          477.436364,
          476.952252,
          472.967379
        ]
      },
      {
        "date": "2026-08-07",
        "close": 445.0,
        "volume": 566778,
        "typical_volume": 395150.25,
        "trend": 472.090093,
        "fair_value": 437.603427,
        "relative_strength": -18.540242,
        "stage": 4,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": -33.092358,
        "energy": 23.621163,
        "activity_lines": [
          463.433333,
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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."
    }
  }
}