{
  "ticker": {
    "uuid": "bdbcc797-6ca6-4501-baab-a9aa696587ff",
    "symbol": "MLCFD",
    "name": "Compagnie de Chemins de Fer D\u00e9partementaux Soci\u00e9t\u00e9 Anonyme",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 56.799,
    "architecture_energy": 44.35,
    "architecture_maturity": 51.007,
    "architecture_confidence": 59.556,
    "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": 35.86,
        "rotation_up": 41.95,
        "upward_expansion": 76.04,
        "deceleration": 74.33,
        "rotation_down": 26.76,
        "downward_expansion": 7.38
      },
      "activity_lines": [
        1051.721208,
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        1026.837663,
        1007.525905
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 1050.0,
    "trend_reference": 986.478788,
    "distance_from_trend": 0.064392,
    "trend_direction": "Improving",
    "fair_value": 794.76489,
    "distance_from_fair_value": 0.321145,
    "fair_value_direction": "Improving",
    "relative_strength": 4.399003,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.082474,
    "excess_performance": 0.029163,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.064392,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.071095,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.321145,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.085402,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.04399,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.008522,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.082474,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.5,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 51,
      "relative_activity": 14.571429,
      "balance": 2.5,
      "dry_up": 3.928571,
      "accumulation_observations": 1,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.031129,
      "annualized_volatility": 0.286386,
      "from_high_reference": -0.045455,
      "from_low_reference": 0.346154
    },
    "levels": {
      "trend_reference": 986.478788,
      "fair_value_reference": 794.76489,
      "structural_low": 915.0,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 13,
        "median_return": 0.0,
        "positive_rate": 0.461538,
        "directional_follow_through": 0.461538,
        "median_excess_return": -0.002087,
        "regime_survival": 0.384615,
        "best_return": 0.166667,
        "worst_return": -0.098591,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.046988,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.08205,
        "regime_survival": 0.0,
        "best_return": 0.25,
        "worst_return": -0.114865,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.05936,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.082529,
        "regime_survival": 0.2,
        "best_return": 0.276229,
        "worst_return": -0.09489,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.013159,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.031909,
        "regime_survival": 0.0,
        "best_return": 0.120331,
        "worst_return": -0.007378,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-09-20",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-01-24",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-01-31",
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        "tenure": "Developing",
        "return": -0.031447,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-04",
        "end": "2025-05-23",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "tenure": "Developing",
        "return": 0.095808,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-10-24",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "end": "2025-12-26",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
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      {
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      },
      {
        "date": "2026-05-01",
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        "date": "2026-05-08",
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      },
      {
        "date": "2026-05-15",
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        "modifier": "Recompressing",
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      },
      {
        "date": "2026-05-22",
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        "relative_strength": 8.02034,
        "stage": 2,
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      },
      {
        "date": "2026-05-29",
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      {
        "date": "2026-06-05",
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        "volume": 0,
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      },
      {
        "date": "2026-06-12",
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        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
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        "energy": 88.672261,
        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
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        "trend": 960.203031,
        "fair_value": 781.140733,
        "relative_strength": 6.610864,
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        "modifier": "Re-accelerating",
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      {
        "date": "2026-07-10",
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        "volume": 0,
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        "fair_value": 783.886599,
        "relative_strength": 8.523896,
        "stage": 2,
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        "modifier": "Re-accelerating",
        "gate": "up",
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        "energy": 71.976431,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 992.54541,
        "volume": 1,
        "typical_volume": 0.85,
        "trend": 973.645455,
        "fair_value": 786.294092,
        "relative_strength": 3.465989,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 49.928565,
        "energy": 49.816567,
        "activity_lines": [
          1027.236361,
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          990.855132
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      },
      {
        "date": "2026-07-24",
        "close": 1100.0,
        "volume": 1,
        "typical_volume": 0.9,
        "trend": 983.145455,
        "fair_value": 789.419911,
        "relative_strength": 13.930982,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 86.194786,
        "energy": 60.522619,
        "activity_lines": [
          1048.278784,
          1046.109091,
          1016.498269,
          999.007039
        ]
      },
      {
        "date": "2026-07-31",
        "close": 1050.0,
        "volume": 2,
        "typical_volume": 0.95,
        "trend": 984.812122,
        "fair_value": 792.048128,
        "relative_strength": 6.958768,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 57.326175,
        "energy": 45.535243,
        "activity_lines": [
          1049.987874,
          1048.393388,
          1021.858442,
          1003.320235
        ]
      },
      {
        "date": "2026-08-07",
        "close": 1050.0,
        "volume": 51,
        "typical_volume": 3.5,
        "trend": 986.478788,
        "fair_value": 794.76489,
        "relative_strength": 4.399003,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 56.799111,
        "energy": 44.349803,
        "activity_lines": [
          1051.721208,
          1049.586776,
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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."
    }
  }
}