{
  "ticker": {
    "uuid": "e6a49482-beec-46ae-83e8-a6c8763e6a40",
    "symbol": "EWQ",
    "name": "iShares MSCI France ETF",
    "exchange": "MEX",
    "country": "MX",
    "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": "^MXX",
    "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": 61.251,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "mixed",
    "architecture_direction": 15.162,
    "architecture_energy": 20.394,
    "architecture_maturity": 20.723,
    "architecture_confidence": 56.714,
    "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": 52.73,
        "rotation_up": 23.99,
        "upward_expansion": 35.17,
        "deceleration": 58.4,
        "rotation_down": 34.6,
        "downward_expansion": 23.84
      },
      "activity_lines": [
        786.466667,
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        782.884828,
        781.768135
      ],
      "activity_state": "Moderate",
      "activity_direction": "Stable",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.166667
    },
    "latest_close": 786.5,
    "trend_reference": 783.202696,
    "distance_from_trend": 0.00421,
    "trend_direction": "Weakening",
    "fair_value": 742.089302,
    "distance_from_fair_value": 0.059845,
    "fair_value_direction": "Improving",
    "relative_strength": -3.278518,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.000635,
    "excess_performance": 0.054031,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.00421,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.009439,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.059845,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.024633,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.032785,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.109468,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.000635,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.827534,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 0,
      "relative_activity": 0.0,
      "balance": 2.827534,
      "dry_up": 0.006304,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.005789,
      "annualized_volatility": 0.127399,
      "from_high_reference": -0.05161,
      "from_low_reference": 0.042702
    },
    "levels": {
      "trend_reference": 783.202696,
      "fair_value_reference": 742.089302,
      "structural_low": 754.289978,
      "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": 13,
        "median_return": 0.018544,
        "positive_rate": 0.769231,
        "directional_follow_through": 0.769231,
        "median_excess_return": 0.012289,
        "regime_survival": 0.384615,
        "best_return": 0.046379,
        "worst_return": -0.067525,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.01871,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.001824,
        "regime_survival": 0.375,
        "best_return": 0.121681,
        "worst_return": -0.127951,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": -0.031783,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.073682,
        "regime_survival": 0.166667,
        "best_return": 0.136547,
        "worst_return": -0.21878,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.036524,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.004038,
        "regime_survival": 0.0,
        "best_return": 0.078118,
        "worst_return": -0.149083,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-01-31",
        "end": "2025-02-28",
        "tenure": "Developing",
        "return": 0.011843,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-03-07",
        "end": "2025-04-04",
        "tenure": "Developing",
        "return": -0.009445,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-04-11",
        "end": "2025-06-06",
        "tenure": "Developing",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "end": "2025-07-11",
        "tenure": "Developing",
        "return": -0.002644,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-08-15",
        "tenure": "Developing",
        "return": 0.017915,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-08-29",
        "tenure": "New",
        "return": -0.038252,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-09-05",
        "end": "2025-10-03",
        "tenure": "Developing",
        "return": 0.020253,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-11-21",
        "tenure": "Developing",
        "return": -0.001418,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2026-01-16",
        "tenure": "Developing",
        "return": 0.001342,
        "active": false
      },
      {
        "regime": "rotation_down",
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        "active": false
      },
      {
        "regime": "balance",
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        "color": "blue",
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        "tenure": "New",
        "return": -0.009134,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "active": false
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      {
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      {
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        "active": true
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        "date": "2026-04-17",
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      {
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      {
        "date": "2026-07-03",
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      {
        "date": "2026-07-10",
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        "relative_strength": -3.927609,
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 1142.6,
        "trend": 786.119362,
        "fair_value": 739.39444,
        "relative_strength": -3.688274,
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        "direction": 25.4417,
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      },
      {
        "date": "2026-07-24",
        "close": 786.5,
        "volume": 0,
        "typical_volume": 1104.5,
        "trend": 785.402696,
        "fair_value": 740.246637,
        "relative_strength": -2.989112,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 21.333984,
        "energy": 28.047115,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 786.5,
        "volume": 0,
        "typical_volume": 722.5,
        "trend": 784.519362,
        "fair_value": 741.179889,
        "relative_strength": -3.513754,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 16.376803,
        "energy": 19.045006,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 786.5,
        "volume": 0,
        "typical_volume": 396.6,
        "trend": 783.202696,
        "fair_value": 742.089302,
        "relative_strength": -3.278518,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": 15.161526,
        "energy": 20.393784,
        "activity_lines": [
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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."
    }
  }
}