{
  "ticker": {
    "uuid": "aa3ee672-dfe9-481f-b8c0-1fba86d8f50e",
    "symbol": "EAH",
    "name": "ECO Animal Health 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": 57.296,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": -2.252,
    "architecture_energy": 17.037,
    "architecture_maturity": 14.115,
    "architecture_confidence": 56.837,
    "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": 52.72,
        "rotation_up": 42.71,
        "upward_expansion": 35.13,
        "deceleration": 41.3,
        "rotation_down": 20.66,
        "downward_expansion": 45.79
      },
      "activity_lines": [
        0.972333,
        0.947091,
        0.942905,
        0.952527
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.166667
    },
    "latest_close": 0.985,
    "trend_reference": 0.977167,
    "distance_from_trend": 0.008016,
    "trend_direction": "Weakening",
    "fair_value": 0.912385,
    "distance_from_fair_value": 0.079589,
    "fair_value_direction": "Improving",
    "relative_strength": -3.41213,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.108597,
    "excess_performance": -0.159833,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.008016,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.015945,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.079589,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.029645,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.034121,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.09048,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.108597,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.313153,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 797227,
      "relative_activity": 1.604272,
      "balance": 0.313153,
      "dry_up": 2.618691,
      "accumulation_observations": 1,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.062019,
      "annualized_volatility": 0.42053,
      "from_high_reference": -0.157399,
      "from_low_reference": 0.368056
    },
    "levels": {
      "trend_reference": 0.977167,
      "fair_value_reference": 0.912385,
      "structural_low": 0.8516,
      "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": 20,
        "median_return": -0.018943,
        "positive_rate": 0.35,
        "directional_follow_through": 0.35,
        "median_excess_return": -0.002959,
        "regime_survival": 0.75,
        "best_return": 0.324324,
        "worst_return": -0.156164,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.037736,
        "positive_rate": 0.571429,
        "directional_follow_through": 0.571429,
        "median_excess_return": 0.029657,
        "regime_survival": 0.285714,
        "best_return": 0.204918,
        "worst_return": -0.154889,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.046099,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.028696,
        "regime_survival": 0.0,
        "best_return": 0.540984,
        "worst_return": -0.58088,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.081081,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.102989,
        "regime_survival": 0.333333,
        "best_return": 0.565574,
        "worst_return": -0.692187,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-08-16",
        "end": "2024-09-06",
        "tenure": "New",
        "return": 0.21134,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-09-13",
        "end": "2024-09-27",
        "tenure": "New",
        "return": -0.117117,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-10-04",
        "end": "2024-10-11",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-10-18",
        "end": "2025-05-23",
        "tenure": "Extended",
        "return": -0.190789,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-05-30",
        "end": "2025-07-11",
        "tenure": "Developing",
        "return": -0.065574,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-07-18",
        "end": "2025-07-25",
        "tenure": "New",
        "return": -0.055901,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-01",
        "end": "2025-09-05",
        "tenure": "Developing",
        "return": -0.013423,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-09-12",
        "end": "2025-09-19",
        "tenure": "New",
        "return": 0.197279,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-09-26",
        "end": "2025-10-31",
        "tenure": "Developing",
        "return": -0.15736,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-11-07",
        "end": "2025-11-21",
        "tenure": "New",
        "return": 0.135802,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-11-28",
        "end": "2026-03-13",
        "tenure": "Established",
        "return": 0.058511,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-03-20",
        "end": "2026-06-12",
        "tenure": "Established",
        "return": -0.093596,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-06-19",
        "end": "2026-07-31",
        "tenure": "Developing",
        "return": 0.123596,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-08-07",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.0,
        "active": true
      }
    ],
    "chart_path": [
      {
        "date": "2023-08-18",
        "close": 1.1,
        "volume": 119531,
        "typical_volume": 347815.8,
        "trend": 1.081833,
        "fair_value": 1.959653,
        "relative_strength": 7.961704,
        "stage": 1,
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        "modifier": "Upper balance after advance",
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        "direction": 26.972488,
        "energy": 19.701659,
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      },
      {
        "date": "2023-08-25",
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      },
      {
        "date": "2023-09-01",
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      },
      {
        "date": "2023-09-08",
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      },
      {
        "date": "2023-09-15",
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      },
      {
        "date": "2023-09-22",
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      },
      {
        "date": "2026-05-01",
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        "modifier": "Upper balance after advance",
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      },
      {
        "date": "2026-05-08",
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      },
      {
        "date": "2026-05-15",
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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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      },
      {
        "date": "2026-06-26",
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        "energy": 65.369741,
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      },
      {
        "date": "2026-07-03",
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        "stage": 3,
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        "modifier": "Early contraction",
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 298183.25,
        "trend": 0.985,
        "fair_value": 0.91591,
        "relative_strength": -9.970168,
        "stage": 3,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -66.731821,
        "energy": 53.702778,
        "activity_lines": [
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          0.956376
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      },
      {
        "date": "2026-07-17",
        "close": 0.875,
        "volume": 1383188,
        "typical_volume": 356139.9,
        "trend": 0.981667,
        "fair_value": 0.914372,
        "relative_strength": -11.224408,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -68.473914,
        "energy": 56.738818,
        "activity_lines": [
          0.894667,
          0.908091,
          0.926929,
          0.94928
        ]
      },
      {
        "date": "2026-07-24",
        "close": 1.01,
        "volume": 1429523,
        "typical_volume": 404166.55,
        "trend": 0.9825,
        "fair_value": 0.913763,
        "relative_strength": 0.951925,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -14.281648,
        "energy": 9.81698,
        "activity_lines": [
          0.932333,
          0.923818,
          0.933643,
          0.951108
        ]
      },
      {
        "date": "2026-07-31",
        "close": 1.0,
        "volume": 1595391,
        "typical_volume": 468941.95,
        "trend": 0.9805,
        "fair_value": 0.913122,
        "relative_strength": -1.461181,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -10.133406,
        "energy": 11.309583,
        "activity_lines": [
          0.958667,
          0.937091,
          0.939,
          0.952237
        ]
      },
      {
        "date": "2026-08-07",
        "close": 0.985,
        "volume": 797227,
        "typical_volume": 496939.95,
        "trend": 0.977167,
        "fair_value": 0.912385,
        "relative_strength": -3.41213,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -2.252321,
        "energy": 17.037404,
        "activity_lines": [
          0.972333,
          0.947091,
          0.942905,
          0.952527
        ]
      }
    ],
    "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."
    }
  }
}