{
  "ticker": {
    "uuid": "d4299afb-c5d6-40aa-9118-80fb51edc8fd",
    "symbol": "PAEM",
    "name": "Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF USD Acc",
    "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": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 95.191,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 33.5,
    "architecture_energy": 24.512,
    "architecture_maturity": 65.87,
    "architecture_confidence": 91.157,
    "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": 47.02,
        "rotation_up": 25.71,
        "upward_expansion": 56.8,
        "deceleration": 88.29,
        "rotation_down": 33.71,
        "downward_expansion": 18.13
      },
      "activity_lines": [
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        6.117629,
        5.985215
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 6.18,
    "trend_reference": 5.825367,
    "distance_from_trend": 0.060877,
    "trend_direction": "Improving",
    "fair_value": 4.550886,
    "distance_from_fair_value": 0.357977,
    "fair_value_direction": "Weakening",
    "relative_strength": 3.309088,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.109615,
    "excess_performance": 0.05838,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.060877,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.058452,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.357977,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.064896,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.033091,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.103679,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.109615,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 28.854714,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 6552,
      "relative_activity": 0.019333,
      "balance": 28.854714,
      "dry_up": 0.105736,
      "accumulation_observations": 1,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.042875,
      "annualized_volatility": 0.249828,
      "from_high_reference": -0.046443,
      "from_low_reference": 0.283231
    },
    "levels": {
      "trend_reference": 5.825367,
      "fair_value_reference": 4.550886,
      "structural_low": 5.043,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 8,
        "median_return": 0.032519,
        "positive_rate": 0.875,
        "directional_follow_through": 0.875,
        "median_excess_return": 0.00692,
        "regime_survival": 0.5,
        "best_return": 0.145874,
        "worst_return": -0.044233,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.031554,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.017385,
        "regime_survival": 0.0,
        "best_return": 0.248256,
        "worst_return": 0.023146,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.115931,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.087428,
        "regime_survival": 0.0,
        "best_return": 0.159954,
        "worst_return": 0.081883,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": 0.085058,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.051212,
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        "worst_return": 0.085058,
        "sufficient": false
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    ],
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-17",
        "end": "2024-11-08",
        "tenure": "Established",
        "return": 0.056597,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-15",
        "end": "2025-01-10",
        "tenure": "Developing",
        "return": -0.014401,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-01-17",
        "end": "2025-01-31",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "New",
        "return": -0.027002,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-03-07",
        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.009266,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-04-11",
        "tenure": "New",
        "return": -0.056395,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-05-02",
        "tenure": "New",
        "return": 0.064671,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-05-16",
        "tenure": "New",
        "return": 0.027199,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Extended",
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        "active": false
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        "regime": "deceleration",
        "label": "Deceleration",
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        "regime": "upward_expansion",
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        "active": false
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      {
        "regime": "upward_expansion",
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        "active": true
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        "fair_value": 4.404473,
        "relative_strength": 12.657846,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 80.778339,
        "energy": 77.629692,
        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
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        "typical_volume": 347949.85,
        "trend": 5.531083,
        "fair_value": 4.41826,
        "relative_strength": 7.159117,
        "stage": 2,
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        "modifier": "Re-accelerating",
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        "direction": 63.557341,
        "energy": 56.547244,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 346326.0,
        "trend": 5.562433,
        "fair_value": 4.432626,
        "relative_strength": 9.765988,
        "stage": 2,
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        "modifier": "Re-accelerating",
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        "direction": 70.457881,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
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        "typical_volume": 345221.75,
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        "relative_strength": 14.572926,
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        "modifier": "Re-accelerating",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
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        "typical_volume": 339415.8,
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        "fair_value": 4.464855,
        "relative_strength": 8.834789,
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        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 62.387548,
        "energy": 53.570321,
        "activity_lines": [
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          5.830242
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      },
      {
        "date": "2026-07-03",
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        "typical_volume": 346143.4,
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        "fair_value": 4.481547,
        "relative_strength": 9.67822,
        "stage": 2,
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        "modifier": "Re-accelerating",
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        "energy": 59.580181,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
        "close": 6.3095,
        "volume": 18345,
        "typical_volume": 346434.9,
        "trend": 5.7253,
        "fair_value": 4.496686,
        "relative_strength": 10.01128,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 62.030346,
        "energy": 58.300898,
        "activity_lines": [
          6.322533,
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          5.918055
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      },
      {
        "date": "2026-07-17",
        "close": 5.939,
        "volume": 92350,
        "typical_volume": 347980.35,
        "trend": 5.751317,
        "fair_value": 4.509806,
        "relative_strength": 2.455425,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 46.324942,
        "energy": 35.268203,
        "activity_lines": [
          6.197567,
          6.210418,
          6.077102,
          5.931842
        ]
      },
      {
        "date": "2026-07-24",
        "close": 6.003,
        "volume": 9102,
        "typical_volume": 343477.95,
        "trend": 5.77775,
        "fair_value": 4.522706,
        "relative_strength": 2.139518,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 39.112111,
        "energy": 24.591003,
        "activity_lines": [
          6.1123,
          6.176536,
          6.089405,
          5.94808
        ]
      },
      {
        "date": "2026-07-31",
        "close": 5.973,
        "volume": 35335,
        "typical_volume": 344513.7,
        "trend": 5.79965,
        "fair_value": 4.535863,
        "relative_strength": 0.286109,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 29.849492,
        "energy": 22.362731,
        "activity_lines": [
          6.0464,
          6.136973,
          6.095443,
          5.960676
        ]
      },
      {
        "date": "2026-08-07",
        "close": 6.18,
        "volume": 6552,
        "typical_volume": 338908.75,
        "trend": 5.825367,
        "fair_value": 4.550886,
        "relative_strength": 3.309088,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 33.500083,
        "energy": 24.511702,
        "activity_lines": [
          6.0659,
          6.1373,
          6.117629,
          5.985215
        ]
      }
    ],
    "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."
    }
  }
}