{
  "ticker": {
    "uuid": "ec7bb1a7-10bc-4e3d-85e2-20e993075766",
    "symbol": "NDM",
    "name": "Northern Dynasty Minerals Ltd.",
    "exchange": "TOR",
    "country": "CA",
    "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": "^GSPTSE",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4a",
    "phase_label": "Stage 4A \u00b7 Breakdown",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "rotation_down",
    "architecture_regime_label": "Rotation Down",
    "architecture_modifier": "Supply rotation",
    "architecture_gate": "mixed",
    "architecture_direction": -23.071,
    "architecture_energy": 49.783,
    "architecture_maturity": 7.524,
    "architecture_confidence": 77.677,
    "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": 43.64,
        "rotation_up": 14.68,
        "upward_expansion": 25.2,
        "deceleration": 50.15,
        "rotation_down": 65.1,
        "downward_expansion": 52.53
      },
      "activity_lines": [
        2.228,
        2.386545,
        2.564429,
        2.513677
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.666667
    },
    "latest_close": 2.38,
    "trend_reference": 2.489667,
    "distance_from_trend": -0.044049,
    "trend_direction": "Weakening",
    "fair_value": 1.292756,
    "distance_from_fair_value": 0.841027,
    "fair_value_direction": "Weakening",
    "relative_strength": -10.742359,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.108614,
    "excess_performance": -0.229036,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.044049,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.027854,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.841027,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.801194,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.107424,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.32263,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.108614,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.623636,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 3556200,
      "relative_activity": 0.793461,
      "balance": 0.623636,
      "dry_up": 0.954955,
      "accumulation_observations": 2,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.154816,
      "annualized_volatility": 1.088798,
      "from_high_reference": -0.431981,
      "from_low_reference": 1.163636
    },
    "levels": {
      "trend_reference": 2.489667,
      "fair_value_reference": 1.292756,
      "structural_low": 1.49,
      "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": 0.094733,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.06731,
        "regime_survival": 0.25,
        "best_return": 0.342541,
        "worst_return": -0.029412,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
        "median_return": 0.569061,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.495433,
        "regime_survival": 0.0,
        "best_return": 0.685484,
        "worst_return": 0.235294,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": 0.453036,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.329159,
        "regime_survival": 0.0,
        "best_return": 0.470588,
        "worst_return": 0.435484,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": 1.735294,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 1.524339,
        "regime_survival": 0.0,
        "best_return": 1.735294,
        "worst_return": 1.735294,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-03-07",
        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.009434,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-03-21",
        "end": "2025-05-16",
        "tenure": "Developing",
        "return": -0.030534,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-05-23",
        "end": "2025-06-06",
        "tenure": "New",
        "return": 0.225352,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-06-13",
        "end": "2025-08-15",
        "tenure": "Developing",
        "return": -0.244048,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-08-22",
        "end": "2025-08-29",
        "tenure": "New",
        "return": 0.016129,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-09-05",
        "end": "2025-09-26",
        "tenure": "New",
        "return": 0.358974,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-10-03",
        "end": "2025-10-03",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-10-10",
        "end": "2026-02-13",
        "tenure": "Established",
        "return": 0.035088,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-02-20",
        "end": "2026-03-06",
        "tenure": "New",
        "return": -0.005618,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-03-13",
        "end": "2026-04-17",
        "tenure": "Developing",
        "return": 0.60221,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-04-24",
        "end": "2026-05-01",
        "tenure": "New",
        "return": 0.040892,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-05-08",
        "end": "2026-06-26",
        "tenure": "Developing",
        "return": -0.082474,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-07-03",
        "end": "2026-07-24",
        "tenure": "New",
        "return": -0.186813,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-07-31",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.214286,
        "active": true
      }
    ],
    "chart_path": [
      {
        "date": "2023-08-18",
        "close": 0.36,
        "volume": 51800,
        "typical_volume": 385165.0,
        "trend": 0.316333,
        "fair_value": 0.537179,
        "relative_strength": 10.627171,
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      },
      {
        "date": "2023-08-25",
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      },
      {
        "date": "2023-09-01",
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      {
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      },
      {
        "date": "2023-09-15",
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      },
      {
        "date": "2023-09-22",
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      },
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      },
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      },
      {
        "date": "2026-05-01",
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      },
      {
        "date": "2026-05-08",
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      },
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        "date": "2026-05-15",
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      },
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        "date": "2026-05-22",
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        "modifier": "Value reclamation",
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      },
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        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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      },
      {
        "date": "2026-06-12",
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      {
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      },
      {
        "date": "2026-06-26",
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        "relative_strength": 4.611074,
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        "gate": "mixed",
        "direction": 12.299857,
        "energy": 10.082786,
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      },
      {
        "date": "2026-07-03",
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        "volume": 340700,
        "typical_volume": 6460185.0,
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        "fair_value": 1.232051,
        "relative_strength": 6.466942,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
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        "energy": 18.882822,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
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        "volume": 4283000,
        "typical_volume": 6117045.0,
        "trend": 2.588,
        "fair_value": 1.245256,
        "relative_strength": -5.52788,
        "stage": 4,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
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        "energy": 13.736214,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
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        "volume": 4354100,
        "typical_volume": 5076800.0,
        "trend": 2.564333,
        "fair_value": 1.257949,
        "relative_strength": -9.318062,
        "stage": 4,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -22.634908,
        "energy": 24.392945,
        "activity_lines": [
          2.508,
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          2.662238,
          2.581548
        ]
      },
      {
        "date": "2026-07-24",
        "close": 2.22,
        "volume": 3770600,
        "typical_volume": 4899405.0,
        "trend": 2.535667,
        "fair_value": 1.269551,
        "relative_strength": -13.53375,
        "stage": 4,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "mixed",
        "direction": -27.069309,
        "energy": 35.753152,
        "activity_lines": [
          2.378,
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          2.634476,
          2.559333
        ]
      },
      {
        "date": "2026-07-31",
        "close": 1.96,
        "volume": 5439100,
        "typical_volume": 4891525.0,
        "trend": 2.512,
        "fair_value": 1.279744,
        "relative_strength": -23.682326,
        "stage": 4,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -39.980691,
        "energy": 57.679633,
        "activity_lines": [
          2.209333,
          2.426,
          2.57981,
          2.522194
        ]
      },
      {
        "date": "2026-08-07",
        "close": 2.38,
        "volume": 3556200,
        "typical_volume": 4481885.0,
        "trend": 2.489667,
        "fair_value": 1.292756,
        "relative_strength": -10.742359,
        "stage": 4,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -23.07109,
        "energy": 49.782908,
        "activity_lines": [
          2.228,
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          2.564429,
          2.513677
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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."
    }
  }
}