{
  "ticker": {
    "uuid": "e04603af-da25-484f-9858-4088622b2d18",
    "symbol": "PAG",
    "name": "Paragon Banking Group PLC",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4c",
    "phase_label": "Stage 4C \u00b7 Repair watch",
    "transition": "stage_4_to_1_watch",
    "transition_label": "Stage 4 \u2192 1 repair watch",
    "confidence": 50.78,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Value reclamation",
    "architecture_gate": "mixed",
    "architecture_direction": 29.713,
    "architecture_energy": 56.772,
    "architecture_maturity": 7.026,
    "architecture_confidence": 65.491,
    "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": 25.88,
        "rotation_up": 70.67,
        "upward_expansion": 56.59,
        "deceleration": 15.33,
        "rotation_down": 14.58,
        "downward_expansion": 26.93
      },
      "activity_lines": [
        822.3,
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        781.455315,
        782.063279
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.833333
    },
    "latest_close": 827.0,
    "trend_reference": 796.856537,
    "distance_from_trend": 0.037828,
    "trend_direction": "Weakening",
    "fair_value": 749.514764,
    "distance_from_fair_value": 0.103381,
    "fair_value_direction": "Improving",
    "relative_strength": -7.65593,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.068386,
    "excess_performance": -0.134664,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.037828,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.019569,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.103381,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.079068,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.076559,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.110221,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.068386,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 3.357802,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 2077954,
      "relative_activity": 1.200468,
      "balance": 3.357802,
      "dry_up": 1.156704,
      "accumulation_observations": 4,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.045806,
      "annualized_volatility": 0.259294,
      "from_high_reference": -0.112844,
      "from_low_reference": 0.189073
    },
    "levels": {
      "trend_reference": 796.856537,
      "fair_value_reference": 749.514764,
      "structural_low": 695.5,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 4,
        "median_return": -0.00857,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.043566,
        "regime_survival": 0.0,
        "best_return": 0.126693,
        "worst_return": -0.091155,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": -0.118956,
        "positive_rate": 0.25,
        "directional_follow_through": 0.25,
        "median_excess_return": -0.125309,
        "regime_survival": 0.0,
        "best_return": 0.070521,
        "worst_return": -0.211552,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.04997,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.012142,
        "regime_survival": 0.333333,
        "best_return": 0.185305,
        "worst_return": -0.069693,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.085359,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.029205,
        "regime_survival": 0.0,
        "best_return": 0.239728,
        "worst_return": -0.06901,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-07-26",
        "end": "2024-09-13",
        "tenure": "Developing",
        "return": -0.067754,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-09-20",
        "end": "2024-11-08",
        "tenure": "Developing",
        "return": -0.074224,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-11-15",
        "end": "2024-11-29",
        "tenure": "New",
        "return": 0.055014,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-12-06",
        "end": "2025-05-02",
        "tenure": "Established",
        "return": 0.0682,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-05-09",
        "end": "2025-08-15",
        "tenure": "Established",
        "return": 0.022086,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-10-03",
        "tenure": "Developing",
        "return": -0.076093,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-11-07",
        "tenure": "Developing",
        "return": -0.063015,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-11-14",
        "end": "2025-12-26",
        "tenure": "Developing",
        "return": 0.043452,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-01-02",
        "end": "2026-01-16",
        "tenure": "New",
        "return": 0.049447,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2026-02-06",
        "tenure": "New",
        "return": -0.050797,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-02-13",
        "end": "2026-03-13",
        "tenure": "New",
        "return": -0.093051,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2026-07-10",
        "tenure": "Established",
        "return": 0.050132,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2026-07-24",
        "tenure": "New",
        "return": 0.013673,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "tenure": "New",
        "return": -0.011947,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-11",
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      {
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      },
      {
        "date": "2026-07-24",
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        "stage": 4,
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        "modifier": "Balance after decline",
        "gate": "mixed",
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        "energy": 41.814046,
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      },
      {
        "date": "2026-07-31",
        "close": 837.0,
        "volume": 2349538,
        "typical_volume": 1755670.1,
        "trend": 797.930404,
        "fair_value": 747.513416,
        "relative_strength": -6.741135,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 38.290263,
        "energy": 58.121006,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 827.0,
        "volume": 2077954,
        "typical_volume": 1730952.95,
        "trend": 796.856537,
        "fair_value": 749.514764,
        "relative_strength": -7.65593,
        "stage": 4,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
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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."
    }
  }
}