{
  "ticker": {
    "uuid": "e091737c-e2f0-44a3-bf6d-6a98c9965b1a",
    "symbol": "PNR",
    "name": "Pantoro Gold Limited",
    "exchange": "ASX",
    "country": "AU",
    "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": "^AXJO",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Established contraction",
    "architecture_gate": "down",
    "architecture_direction": -65.027,
    "architecture_energy": 63.683,
    "architecture_maturity": 91.94,
    "architecture_confidence": 95.977,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 9.09,
        "rotation_up": 27.41,
        "upward_expansion": 12.0,
        "deceleration": 58.89,
        "rotation_down": 55.6,
        "downward_expansion": 85.33
      },
      "activity_lines": [
        2.178667,
        2.235545,
        2.566024,
        2.927409
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": -0.666667
    },
    "latest_close": 2.52,
    "trend_reference": 3.498833,
    "distance_from_trend": -0.27976,
    "trend_direction": "Weakening",
    "fair_value": 2.565692,
    "distance_from_fair_value": -0.017809,
    "fair_value_direction": "Weakening",
    "relative_strength": -42.809003,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.434978,
    "excess_performance": -0.498683,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.27976,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.200754,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.017809,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.397602,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.42809,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.199095,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.434978,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.523515,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 19181739,
      "relative_activity": 1.694777,
      "balance": 0.523515,
      "dry_up": 1.441083,
      "accumulation_observations": 3,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.130647,
      "annualized_volatility": 0.853852,
      "from_high_reference": -0.618759,
      "from_low_reference": 0.469388
    },
    "levels": {
      "trend_reference": 3.498833,
      "fair_value_reference": 2.565692,
      "structural_low": 1.715,
      "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": 22,
        "median_return": -0.026671,
        "positive_rate": 0.363636,
        "directional_follow_through": 0.545455,
        "median_excess_return": -0.066558,
        "regime_survival": 0.863636,
        "best_return": 0.313725,
        "worst_return": -0.420455,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": -0.271676,
        "positive_rate": 0.428571,
        "directional_follow_through": 0.571429,
        "median_excess_return": -0.293366,
        "regime_survival": 0.571429,
        "best_return": 1.166667,
        "worst_return": -0.552,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": -0.432,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.41058,
        "regime_survival": 0.333333,
        "best_return": 0.585366,
        "worst_return": -0.583333,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.581748,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.507534,
        "regime_survival": 0.0,
        "best_return": 1.926829,
        "worst_return": -0.763333,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "balance",
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        "end": "2024-02-09",
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        "active": false
      },
      {
        "regime": "downward_expansion",
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      {
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      },
      {
        "regime": "upward_expansion",
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        "tenure": "Established",
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      },
      {
        "regime": "deceleration",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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        "active": false
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-01-17",
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        "active": false
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      {
        "regime": "balance",
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        "active": false
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      {
        "regime": "upward_expansion",
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      {
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 12647816.5,
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        "fair_value": 2.549865,
        "relative_strength": -52.777584,
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      },
      {
        "date": "2026-07-31",
        "close": 2.04,
        "volume": 13361187,
        "typical_volume": 11876719.4,
        "trend": 3.581167,
        "fair_value": 2.555314,
        "relative_strength": -52.585596,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -68.024309,
        "energy": 80.031431,
        "activity_lines": [
          2.034333,
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          2.60319,
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      },
      {
        "date": "2026-08-07",
        "close": 2.52,
        "volume": 19181739,
        "typical_volume": 11318146.2,
        "trend": 3.498833,
        "fair_value": 2.565692,
        "relative_strength": -42.809003,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -65.026908,
        "energy": 63.68265,
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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."
    }
  }
}