{
  "ticker": {
    "uuid": "d538a228-518b-4586-86cf-3ba8b1c4626b",
    "symbol": "QIIWI",
    "name": "Qiiwi Games AB (publ)",
    "exchange": "STO",
    "country": "SE",
    "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": "^OMX",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1c",
    "phase_label": "Stage 1C \u00b7 Breakout watch",
    "transition": "stage_1_to_2_watch",
    "transition_label": "Stage 1 \u2192 2 watch",
    "confidence": 78.715,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 71.35,
    "architecture_energy": 39.409,
    "architecture_maturity": 34.111,
    "architecture_confidence": 68.212,
    "architecture_tenure": "Developing",
    "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": 41.18,
        "rotation_up": 50.95,
        "upward_expansion": 69.68,
        "deceleration": 65.28,
        "rotation_down": 21.26,
        "downward_expansion": 8.02
      },
      "activity_lines": [
        2.412,
        2.300909,
        2.292286,
        2.181849
      ],
      "activity_state": "Compressed",
      "activity_direction": "Stable",
      "rotation_direction": "Improving",
      "price_acceptance": -0.166667
    },
    "latest_close": 3.06,
    "trend_reference": 2.061167,
    "distance_from_trend": 0.484596,
    "trend_direction": "Weakening",
    "fair_value": 3.320737,
    "distance_from_fair_value": -0.078518,
    "fair_value_direction": "Improving",
    "relative_strength": 14.386364,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.606299,
    "excess_performance": 0.544805,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.484596,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.028973,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.078518,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.256736,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.143864,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.247444,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.606299,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 3.865378,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 551820,
      "relative_activity": 7.47053,
      "balance": 3.865378,
      "dry_up": 2.059604,
      "accumulation_observations": 2,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.122423,
      "annualized_volatility": 0.829749,
      "from_high_reference": -0.264423,
      "from_low_reference": 1.04
    },
    "levels": {
      "trend_reference": 2.061167,
      "fair_value_reference": 3.320737,
      "structural_low": 1.5,
      "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": 5,
        "median_return": 0.030075,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.00269,
        "regime_survival": 0.6,
        "best_return": 0.182482,
        "worst_return": -0.314815,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 2,
        "median_return": -0.316773,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.405018,
        "regime_survival": 0.0,
        "best_return": -0.109023,
        "worst_return": -0.524523,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": -0.559085,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.733962,
        "regime_survival": 0.0,
        "best_return": -0.394737,
        "worst_return": -0.723433,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": -0.640327,
        "positive_rate": 0.0,
        "directional_follow_through": 0.0,
        "median_excess_return": -0.888991,
        "regime_survival": 0.0,
        "best_return": -0.640327,
        "worst_return": -0.640327,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-12-15",
        "end": "2024-08-02",
        "tenure": "Extended",
        "return": -0.454082,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-08-09",
        "end": "2024-08-30",
        "tenure": "New",
        "return": 0.190476,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-09-06",
        "end": "2024-09-27",
        "tenure": "New",
        "return": -0.007194,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-04",
        "end": "2025-02-21",
        "tenure": "Established",
        "return": 0.165468,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-02-28",
        "end": "2025-03-07",
        "tenure": "New",
        "return": 0.048611,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-14",
        "end": "2025-04-18",
        "tenure": "Developing",
        "return": -0.162791,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-25",
        "end": "2025-06-27",
        "tenure": "Developing",
        "return": 0.361502,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-07-04",
        "end": "2025-08-22",
        "tenure": "Developing",
        "return": -0.101828,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-29",
        "end": "2025-09-05",
        "tenure": "New",
        "return": -0.023333,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-09-12",
        "end": "2025-11-28",
        "tenure": "Developing",
        "return": -0.093985,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-12-05",
        "end": "2025-12-19",
        "tenure": "New",
        "return": 0.054054,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-12-26",
        "end": "2026-05-01",
        "tenure": "Established",
        "return": -0.071429,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "start": "2026-05-08",
        "end": "2026-06-19",
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        "return": -0.109312,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-06-26",
        "end": "2026-08-07",
        "tenure": "Developing",
        "return": 0.533835,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 43164.4,
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      },
      {
        "date": "2026-05-01",
        "close": 2.08,
        "volume": 32933,
        "typical_volume": 45483.05,
        "trend": 2.166667,
        "fair_value": 3.749231,
        "relative_strength": -24.478828,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -1.851432,
        "energy": 23.637764,
        "activity_lines": [
          1.934333,
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      },
      {
        "date": "2026-05-08",
        "close": 2.47,
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        "typical_volume": 49098.0,
        "trend": 2.157667,
        "fair_value": 3.715705,
        "relative_strength": -10.357993,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Structural repair",
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        "energy": 47.609175,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
        "close": 2.78,
        "volume": 164956,
        "typical_volume": 56628.8,
        "trend": 2.156667,
        "fair_value": 3.690577,
        "relative_strength": 1.744962,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 55.25341,
        "energy": 60.261844,
        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 58247.9,
        "trend": 2.142667,
        "fair_value": 3.665833,
        "relative_strength": -4.634747,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 44.827752,
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        "activity_lines": [
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          2.020333,
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 58898.9,
        "trend": 2.122667,
        "fair_value": 3.641731,
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        "stage": 1,
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        "gate": "mixed",
        "direction": 40.315124,
        "energy": 74.095269,
        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
        "close": 2.46,
        "volume": 3809,
        "typical_volume": 54947.75,
        "trend": 2.096667,
        "fair_value": 3.620833,
        "relative_strength": -12.337359,
        "stage": 1,
        "regime": "rotation_up",
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        "gate": "mixed",
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 55243.85,
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        "relative_strength": -16.681414,
        "stage": 1,
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        "modifier": "Emerging rotation",
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      },
      {
        "date": "2026-06-19",
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        "volume": 33484,
        "typical_volume": 55571.0,
        "trend": 2.065333,
        "fair_value": 3.571731,
        "relative_strength": -23.475669,
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        "modifier": "Emerging rotation",
        "gate": "up",
        "direction": 43.114842,
        "energy": 29.036401,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 1.995,
        "volume": 536,
        "typical_volume": 52164.8,
        "trend": 2.0515,
        "fair_value": 3.546314,
        "relative_strength": -29.265363,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 25.19,
        "energy": 21.599063,
        "activity_lines": [
          2.207667,
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          2.163786,
          2.086237
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      },
      {
        "date": "2026-07-03",
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        "volume": 340,
        "typical_volume": 51717.0,
        "trend": 2.049833,
        "fair_value": 3.515353,
        "relative_strength": -23.874347,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 27.306701,
        "energy": 24.981629,
        "activity_lines": [
          2.171333,
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          2.093882
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      },
      {
        "date": "2026-07-10",
        "close": 2.22,
        "volume": 22766,
        "typical_volume": 50825.6,
        "trend": 2.044833,
        "fair_value": 3.481122,
        "relative_strength": -19.155311,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 25.676923,
        "energy": 24.183557,
        "activity_lines": [
          2.167,
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          2.195905,
          2.10486
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      },
      {
        "date": "2026-07-17",
        "close": 2.18,
        "volume": 16909,
        "typical_volume": 50406.2,
        "trend": 2.0395,
        "fair_value": 3.43484,
        "relative_strength": -18.599239,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 24.859086,
        "energy": 20.253965,
        "activity_lines": [
          2.165333,
          2.240455,
          2.208286,
          2.113581
        ]
      },
      {
        "date": "2026-07-24",
        "close": 2.1,
        "volume": 21939,
        "typical_volume": 49971.75,
        "trend": 2.034833,
        "fair_value": 3.399071,
        "relative_strength": -21.461508,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 12.283506,
        "energy": 11.6144,
        "activity_lines": [
          2.147667,
          2.196,
          2.211048,
          2.117484
        ]
      },
      {
        "date": "2026-07-31",
        "close": 2.0,
        "volume": 17873,
        "typical_volume": 49198.05,
        "trend": 2.0275,
        "fair_value": 3.359712,
        "relative_strength": -24.753725,
        "stage": 4,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": -1.775797,
        "energy": 10.114615,
        "activity_lines": [
          2.103333,
          2.145727,
          2.202119,
          2.115237
        ]
      },
      {
        "date": "2026-08-07",
        "close": 3.06,
        "volume": 551820,
        "typical_volume": 73866.25,
        "trend": 2.061167,
        "fair_value": 3.320737,
        "relative_strength": 14.386364,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 71.350249,
        "energy": 39.409309,
        "activity_lines": [
          2.412,
          2.300909,
          2.292286,
          2.181849
        ]
      }
    ],
    "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."
    }
  }
}