{
  "ticker": {
    "uuid": "a2ef694a-bbf7-4647-823e-7a7bb1e0c56d",
    "symbol": "HERO",
    "name": "Global X Video Games & Esports ETF",
    "exchange": "MEX",
    "country": "MX",
    "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": "^MXX",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Emerging rotation",
    "architecture_gate": "down",
    "architecture_direction": 16.545,
    "architecture_energy": 33.629,
    "architecture_maturity": 34.718,
    "architecture_confidence": 40.953,
    "architecture_tenure": "New",
    "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": 45.78,
        "rotation_up": 49.62,
        "upward_expansion": 31.63,
        "deceleration": 47.33,
        "rotation_down": 19.33,
        "downward_expansion": 53.63
      },
      "activity_lines": [
        439.6,
        431.311289,
        431.051607,
        438.300857
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 450.0,
    "trend_reference": 454.073537,
    "distance_from_trend": -0.008971,
    "trend_direction": "Weakening",
    "fair_value": 372.26397,
    "distance_from_fair_value": 0.20882,
    "fair_value_direction": "Weakening",
    "relative_strength": -14.058568,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.155722,
    "excess_performance": -0.101056,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.008971,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.087016,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.20882,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.105183,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.140586,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.130168,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.155722,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.176101,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 25,
      "relative_activity": 1.319261,
      "balance": 0.176101,
      "dry_up": 0.765172,
      "accumulation_observations": 1,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.017378,
      "annualized_volatility": 0.24253,
      "from_high_reference": -0.287811,
      "from_low_reference": 0.081731
    },
    "levels": {
      "trend_reference": 454.073537,
      "fair_value_reference": 372.26397,
      "structural_low": 416.0,
      "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": 5,
        "median_return": -0.015586,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.042972,
        "regime_survival": 0.4,
        "best_return": 0.033062,
        "worst_return": -0.114707,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
        "median_return": -0.018546,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.034981,
        "regime_survival": 0.0,
        "best_return": 0.024051,
        "worst_return": -0.162699,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.005226,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.006292,
        "regime_survival": 0.0,
        "best_return": 17.564374,
        "worst_return": -0.273694,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.201713,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.247823,
        "regime_survival": 0.0,
        "best_return": -0.008419,
        "worst_return": -0.395006,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-09-29",
        "end": "2023-12-01",
        "tenure": "Developing",
        "return": 0.076717,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2023-12-08",
        "end": "2024-01-19",
        "tenure": "Developing",
        "return": -0.034151,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-01-26",
        "end": "2024-02-09",
        "tenure": "New",
        "return": 0.032274,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-02-16",
        "end": "2024-04-12",
        "tenure": "Developing",
        "return": -0.054183,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-04-19",
        "end": "2024-05-10",
        "tenure": "New",
        "return": 0.091815,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-17",
        "end": "2025-03-28",
        "tenure": "Extended",
        "return": 0.48649,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-04-04",
        "end": "2025-05-09",
        "tenure": "Developing",
        "return": 0.037402,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-05-16",
        "end": "2025-07-25",
        "tenure": "Developing",
        "return": -0.006973,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-08-01",
        "end": "2025-08-15",
        "tenure": "New",
        "return": 0.067797,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-22",
        "end": "2025-10-31",
        "tenure": "Developing",
        "return": -0.073552,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-11-07",
        "end": "2025-11-28",
        "tenure": "New",
        "return": -0.035413,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-12-05",
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        "tenure": "New",
        "return": 0.001822,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-12-26",
        "end": "2026-07-24",
        "tenure": "Extended",
        "return": -0.204589,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-07-31",
        "end": "2026-08-07",
        "tenure": "New",
        "return": -0.019608,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 0.0,
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        "relative_strength": -24.896137,
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        "modifier": "Established contraction",
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        "energy": 71.233184,
        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
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        "energy": 70.425987,
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      },
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        "date": "2026-05-15",
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        "relative_strength": -25.242189,
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        "activity_lines": [
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      },
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        "date": "2026-05-22",
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        "trend": 502.937939,
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      },
      {
        "date": "2026-05-29",
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        "relative_strength": -28.681285,
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      },
      {
        "date": "2026-06-05",
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        "fair_value": 348.761697,
        "relative_strength": -25.474778,
        "stage": 4,
        "regime": "downward_expansion",
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        "energy": 96.958731,
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      {
        "date": "2026-06-12",
        "close": 422.542847,
        "volume": 0,
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        "trend": 486.26994,
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        "date": "2026-06-19",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 420.752411,
        "volume": 0,
        "typical_volume": 32.55,
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        "relative_strength": -24.080863,
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        "modifier": "Established contraction",
        "gate": "down",
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        "energy": 67.956663,
        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
        "close": 423.0,
        "volume": 0,
        "typical_volume": 26.7,
        "trend": 471.925598,
        "fair_value": 359.065351,
        "relative_strength": -22.813948,
        "stage": 4,
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        "modifier": "Established contraction",
        "gate": "down",
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        "energy": 66.839188,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
        "close": 416.0,
        "volume": 36,
        "typical_volume": 28.5,
        "trend": 467.169515,
        "fair_value": 361.598358,
        "relative_strength": -22.713093,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -77.069638,
        "energy": 70.314811,
        "activity_lines": [
          419.886993,
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      },
      {
        "date": "2026-07-17",
        "close": 416.0,
        "volume": 5,
        "typical_volume": 25.6,
        "trend": 462.907841,
        "fair_value": 364.133316,
        "relative_strength": -22.126528,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -73.277705,
        "energy": 69.143944,
        "activity_lines": [
          418.350482,
          419.654613,
          429.440266,
          441.536658
        ]
      },
      {
        "date": "2026-07-24",
        "close": 420.0,
        "volume": 20,
        "typical_volume": 25.35,
        "trend": 459.306871,
        "fair_value": 366.691712,
        "relative_strength": -20.477609,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -63.545898,
        "energy": 65.008641,
        "activity_lines": [
          418.583494,
          419.327844,
          427.667856,
          438.768411
        ]
      },
      {
        "date": "2026-07-31",
        "close": 459.0,
        "volume": 8,
        "typical_volume": 25.75,
        "trend": 456.940204,
        "fair_value": 369.504515,
        "relative_strength": -13.099011,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "down",
        "direction": -9.156186,
        "energy": 17.282119,
        "activity_lines": [
          431.866667,
          426.467368,
          429.785922,
          438.748613
        ]
      },
      {
        "date": "2026-08-07",
        "close": 450.0,
        "volume": 25,
        "typical_volume": 18.95,
        "trend": 454.073537,
        "fair_value": 372.26397,
        "relative_strength": -14.058568,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "down",
        "direction": 16.545469,
        "energy": 33.629059,
        "activity_lines": [
          439.6,
          431.311289,
          431.051607,
          438.300857
        ]
      }
    ],
    "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."
    }
  }
}