{
  "ticker": {
    "uuid": "dc623faa-0a77-414f-8cfc-b848b585ac97",
    "symbol": "COMH",
    "name": "Amdi Blg Eql-wght Com ex-Agrc U",
    "exchange": "MIL",
    "country": "IT",
    "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": "FTSEMIB.MI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 61.272,
    "architecture_regime": "rotation_down",
    "architecture_regime_label": "Rotation Down",
    "architecture_modifier": "Supply rotation",
    "architecture_gate": "mixed",
    "architecture_direction": 2.492,
    "architecture_energy": 15.551,
    "architecture_maturity": 57.571,
    "architecture_confidence": 53.459,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating downward.",
        "body": "Fast Activity is weakening relative to Slow Activity and price acceptance is deteriorating. Persistent negative Trend confirmation would establish Downward Expansion."
      },
      "scores": {
        "balance": 61.12,
        "rotation_up": 39.79,
        "upward_expansion": 30.84,
        "deceleration": 58.95,
        "rotation_down": 22.76,
        "downward_expansion": 23.51
      },
      "activity_lines": [
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        40.381857,
        40.304678
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.333333
    },
    "latest_close": 40.375,
    "trend_reference": 39.605834,
    "distance_from_trend": 0.019421,
    "trend_direction": "Improving",
    "fair_value": 28.976355,
    "distance_from_fair_value": 0.393377,
    "fair_value_direction": "Weakening",
    "relative_strength": -1.798742,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.159535,
    "excess_performance": -0.011357,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.019421,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.074669,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.393377,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.150786,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.017987,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.203256,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.159535,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 3.366772,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 24503,
      "relative_activity": 1.815118,
      "balance": 3.366772,
      "dry_up": 1.460139,
      "accumulation_observations": 4,
      "distribution_observations": 0
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    "risk": {
      "range_context": 0.030417,
      "annualized_volatility": 0.189614,
      "from_high_reference": -0.105065,
      "from_low_reference": 0.507374
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    "levels": {
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      "fair_value_reference": 28.976355,
      "structural_low": 33.785,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 2,
        "median_return": 0.043109,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.024465,
        "regime_survival": 0.5,
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        "worst_return": 0.006933,
        "sufficient": false
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      {
        "horizon": "Intermediate",
        "sample_count": 1,
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        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.040867,
        "regime_survival": 0.0,
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        "worst_return": 0.083003,
        "sufficient": false
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      {
        "horizon": "Extended",
        "sample_count": 1,
        "median_return": 0.184429,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.057968,
        "regime_survival": 0.0,
        "best_return": 0.184429,
        "worst_return": 0.184429,
        "sufficient": false
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        "horizon": "Full cycle",
        "sample_count": 1,
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        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.464887,
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        "worst_return": 0.723653,
        "sufficient": false
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-28",
        "end": "2025-04-04",
        "tenure": "Developing",
        "return": -0.047121,
        "active": false
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      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-04-11",
        "end": "2025-04-25",
        "tenure": "New",
        "return": 0.012545,
        "active": false
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      {
        "regime": "rotation_down",
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        "end": "2025-06-06",
        "tenure": "Developing",
        "return": 0.054477,
        "active": false
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      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-13",
        "end": "2025-06-20",
        "tenure": "New",
        "return": 0.02888,
        "active": false
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        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "regime": "deceleration",
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        "end": "2025-09-12",
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        "return": 0.036264,
        "active": false
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        "regime": "upward_expansion",
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        "active": false
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        "regime": "rotation_down",
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        "active": true
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        "date": "2026-08-07",
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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."
    }
  }
}