{
  "ticker": {
    "uuid": "c13918f7-d40f-4bcc-817d-367abb1582c2",
    "symbol": "SSLE",
    "name": "Leverage Shares 3x Short Silver ETC",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 96.0,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Emerging rotation",
    "architecture_gate": "mixed",
    "architecture_direction": 19.618,
    "architecture_energy": 22.166,
    "architecture_maturity": 25.202,
    "architecture_confidence": 43.989,
    "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": 49.84,
        "rotation_up": 48.54,
        "upward_expansion": 42.24,
        "deceleration": 46.91,
        "rotation_down": 24.09,
        "downward_expansion": 16.57
      },
      "activity_lines": [
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        2.368564,
        2.082698,
        2.021455
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.333333
    },
    "latest_close": 1.894,
    "trend_reference": 2.121,
    "distance_from_trend": -0.107025,
    "trend_direction": "Weakening",
    "fair_value": 271.48437,
    "distance_from_fair_value": -0.993024,
    "fair_value_direction": "Improving",
    "relative_strength": -90.491224,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.098095,
    "excess_performance": -0.164374,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.107025,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.732376,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.993024,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.002206,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.904912,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.061878,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.098095,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.14901,
        "read": "Demand-led"
      }
    ],
    "volume": {
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      "relative_activity": 0.008636,
      "balance": 2.14901,
      "dry_up": 0.14485,
      "accumulation_observations": 1,
      "distribution_observations": 1
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    "risk": {
      "range_context": 0.290127,
      "annualized_volatility": 1.563453,
      "from_high_reference": -0.977139,
      "from_low_reference": 1.004233
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    "levels": {
      "trend_reference": 2.121,
      "fair_value_reference": 271.48437,
      "structural_low": 0.945,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 0,
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        "directional_follow_through": null,
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        "worst_return": null,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
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        "sufficient": false
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        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 0,
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        "sufficient": false
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    ],
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        "end": "2024-01-26",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-03-22",
        "end": "2024-12-20",
        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
        "return": -0.245317,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2026-06-26",
        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "New",
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        "active": false
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "start": "2026-07-24",
        "end": "2026-08-07",
        "tenure": "New",
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        "active": true
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        "gate": "down",
        "direction": -51.796981,
        "energy": 50.045527,
        "activity_lines": [
          1.658933,
          1.572891,
          1.6716,
          2.429593
        ]
      },
      {
        "date": "2026-06-19",
        "close": 2.0925,
        "volume": 19218,
        "typical_volume": 187148.35,
        "trend": 4.17291,
        "fair_value": 301.045572,
        "relative_strength": -92.964888,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -43.408084,
        "energy": 36.073434,
        "activity_lines": [
          1.8315,
          1.672618,
          1.700793,
          2.238186
        ]
      },
      {
        "date": "2026-06-26",
        "close": 2.59,
        "volume": 31751,
        "typical_volume": 182977.35,
        "trend": 3.594283,
        "fair_value": 295.207405,
        "relative_strength": -90.770223,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": 3.808216,
        "energy": 12.956876,
        "activity_lines": [
          2.1244,
          1.855391,
          1.777402,
          2.136062
        ]
      },
      {
        "date": "2026-07-10",
        "close": 2.475,
        "volume": 114,
        "typical_volume": 177548.25,
        "trend": 3.114783,
        "fair_value": 289.664501,
        "relative_strength": -90.51652,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": 5.424709,
        "energy": 23.077179,
        "activity_lines": [
          2.3007,
          1.993909,
          1.84425,
          2.063851
        ]
      },
      {
        "date": "2026-07-17",
        "close": 2.9675,
        "volume": 1277,
        "typical_volume": 166008.45,
        "trend": 2.7597,
        "fair_value": 285.435524,
        "relative_strength": -87.960658,
        "stage": 1,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": 24.084726,
        "energy": 38.693449,
        "activity_lines": [
          2.568767,
          2.206991,
          1.956645,
          2.054348
        ]
      },
      {
        "date": "2026-07-24",
        "close": 2.5075,
        "volume": 74300,
        "typical_volume": 158651.85,
        "trend": 2.489617,
        "fair_value": 281.038674,
        "relative_strength": -89.204335,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 24.692572,
        "energy": 41.87442,
        "activity_lines": [
          2.607,
          2.311845,
          2.01971,
          2.038077
        ]
      },
      {
        "date": "2026-07-31",
        "close": 2.6425,
        "volume": 4791,
        "typical_volume": 154953.25,
        "trend": 2.304533,
        "fair_value": 276.48146,
        "relative_strength": -87.881403,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 32.744988,
        "energy": 53.877031,
        "activity_lines": [
          2.645667,
          2.419455,
          2.089152,
          2.047941
        ]
      },
      {
        "date": "2026-08-07",
        "close": 1.894,
        "volume": 1216,
        "typical_volume": 140807.65,
        "trend": 2.121,
        "fair_value": 271.48437,
        "relative_strength": -90.491224,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 19.618135,
        "energy": 22.166109,
        "activity_lines": [
          2.398167,
          2.368564,
          2.082698,
          2.021455
        ]
      }
    ],
    "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."
    }
  }
}