{
  "ticker": {
    "uuid": "ed55dd77-c701-47fd-a833-37a6951763b7",
    "symbol": "ERA",
    "name": "ERAMET S.A.",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "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": "Early contraction",
    "architecture_gate": "down",
    "architecture_direction": -64.827,
    "architecture_energy": 58.354,
    "architecture_maturity": 24.838,
    "architecture_confidence": 87.966,
    "architecture_tenure": "Developing",
    "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": 11.83,
        "rotation_up": 17.55,
        "upward_expansion": 9.65,
        "deceleration": 47.3,
        "rotation_down": 66.71,
        "downward_expansion": 85.31
      },
      "activity_lines": [
        43.949334,
        44.936909,
        48.369096,
        50.221269
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.833333
    },
    "latest_close": 47.200001,
    "trend_reference": 54.596667,
    "distance_from_trend": -0.135478,
    "trend_direction": "Weakening",
    "fair_value": 60.626551,
    "distance_from_fair_value": -0.221463,
    "fair_value_direction": "Weakening",
    "relative_strength": -19.468101,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.306392,
    "excess_performance": -0.359704,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.135478,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.050438,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.221463,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.138863,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.194681,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.238805,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.306392,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.539985,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 167841,
      "relative_activity": 1.036312,
      "balance": 0.539985,
      "dry_up": 0.863723,
      "accumulation_observations": 2,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.084827,
      "annualized_volatility": 0.589204,
      "from_high_reference": -0.464853,
      "from_low_reference": 0.151781
    },
    "levels": {
      "trend_reference": 54.596667,
      "fair_value_reference": 60.626551,
      "structural_low": 40.98,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 24,
        "median_return": 0.000422,
        "positive_rate": 0.5,
        "directional_follow_through": 0.458333,
        "median_excess_return": -0.010711,
        "regime_survival": 0.75,
        "best_return": 0.157551,
        "worst_return": -0.235744,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 10,
        "median_return": -0.050874,
        "positive_rate": 0.4,
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        "regime_survival": 0.6,
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        "worst_return": -0.251739,
        "sufficient": true
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      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.001942,
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        "regime_survival": 0.2,
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        "worst_return": -0.275383,
        "sufficient": true
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      {
        "horizon": "Full cycle",
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        "sufficient": false
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        "regime": "balance",
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        "regime": "rotation_up",
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      },
      {
        "date": "2026-04-24",
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        "date": "2026-05-01",
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      },
      {
        "date": "2026-05-08",
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      {
        "date": "2026-07-03",
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      },
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 176986.35,
        "trend": 56.472,
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        "relative_strength": -25.143362,
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        "modifier": "Early contraction",
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        "direction": -77.624798,
        "energy": 86.713847,
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          44.519333,
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          50.415239,
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      },
      {
        "date": "2026-07-24",
        "close": 41.259998,
        "volume": 123814,
        "typical_volume": 170712.5,
        "trend": 56.065667,
        "fair_value": 60.996504,
        "relative_strength": -27.182571,
        "stage": 4,
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        "modifier": "Early contraction",
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        "direction": -78.911083,
        "energy": 89.286438,
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          43.047999,
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          51.622387
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      },
      {
        "date": "2026-07-31",
        "close": 42.580002,
        "volume": 148512,
        "typical_volume": 168859.65,
        "trend": 55.431667,
        "fair_value": 60.800094,
        "relative_strength": -25.795463,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -68.759182,
        "energy": 84.63955,
        "activity_lines": [
          42.642666,
          44.967091,
          48.66681,
          50.752345
        ]
      },
      {
        "date": "2026-08-07",
        "close": 47.200001,
        "volume": 167841,
        "typical_volume": 161959.95,
        "trend": 54.596667,
        "fair_value": 60.626551,
        "relative_strength": -19.468101,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -64.826598,
        "energy": 58.3535,
        "activity_lines": [
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          50.221269
        ]
      }
    ],
    "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."
    }
  }
}