{
  "ticker": {
    "uuid": "fd1e4bc2-db58-40af-be01-17aef6d87fb8",
    "symbol": "MEH",
    "name": "Amundi Index Solutions - Amundi FTSE EPRA Europe Real Estate UCITS ETF D",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 54.974,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Value reclamation",
    "architecture_gate": "mixed",
    "architecture_direction": 41.088,
    "architecture_energy": 60.193,
    "architecture_maturity": 10.388,
    "architecture_confidence": 60.691,
    "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": 24.38,
        "rotation_up": 72.32,
        "upward_expansion": 64.81,
        "deceleration": 19.05,
        "rotation_down": 18.22,
        "downward_expansion": 20.81
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      "activity_lines": [
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        30.658512
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      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
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    "latest_close": 31.6,
    "trend_reference": 30.684053,
    "distance_from_trend": 0.029851,
    "trend_direction": "Improving",
    "fair_value": 29.555448,
    "distance_from_fair_value": 0.069177,
    "fair_value_direction": "Improving",
    "relative_strength": -2.422723,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.008914,
    "excess_performance": -0.044397,
    "evidence": [
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        "label": "Price vs Trend",
        "positive": true,
        "value": 0.029851,
        "read": "Above"
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      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.012563,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.069177,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.048525,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.024227,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.005504,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.008914,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 19.352941,
        "read": "Demand-led"
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    ],
    "volume": {
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      "relative_activity": 0.982659,
      "balance": 19.352941,
      "dry_up": 5.0,
      "accumulation_observations": 2,
      "distribution_observations": 0
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    "risk": {
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      "annualized_volatility": 0.208241,
      "from_high_reference": -0.050578,
      "from_low_reference": 0.124135
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    "levels": {
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      "fair_value_reference": 29.555448,
      "structural_low": 28.1105,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
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    "outcomes": [
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        "sufficient": false
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        "horizon": "Intermediate",
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      {
        "horizon": "Extended",
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        "horizon": "Full cycle",
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        "color": "amber",
        "start": "2025-07-18",
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        "active": false
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        "label": "Balance",
        "color": "blue",
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        "tenure": "Established",
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        "regime": "rotation_down",
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        "regime": "balance",
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          29.96476,
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          30.381422,
          30.375115
        ]
      },
      {
        "date": "2026-05-22",
        "close": 30.143299,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.279578,
        "fair_value": 29.443012,
        "relative_strength": -1.450868,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -21.253606,
        "energy": 23.835579,
        "activity_lines": [
          29.90824,
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        ]
      },
      {
        "date": "2026-05-29",
        "close": 30.5228,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.303344,
        "fair_value": 29.45165,
        "relative_strength": -0.910247,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -15.147906,
        "energy": 13.680548,
        "activity_lines": [
          30.073166,
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          30.329033,
          30.38056
        ]
      },
      {
        "date": "2026-06-05",
        "close": 29.3846,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.286761,
        "fair_value": 29.451118,
        "relative_strength": -4.844888,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -32.945296,
        "energy": 27.946254,
        "activity_lines": [
          29.859887,
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          30.213317,
          30.321286
        ]
      },
      {
        "date": "2026-06-12",
        "close": 30.201401,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.303129,
        "fair_value": 29.457026,
        "relative_strength": -3.598768,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -16.578436,
        "energy": 10.327579,
        "activity_lines": [
          29.973594,
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        ]
      },
      {
        "date": "2026-06-19",
        "close": 29.7244,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.31498,
        "fair_value": 29.459115,
        "relative_strength": -5.653218,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -50.622384,
        "energy": 24.706079,
        "activity_lines": [
          29.91802,
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          30.108803,
          30.278441
        ]
      },
      {
        "date": "2026-06-26",
        "close": 31.002501,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.345785,
        "fair_value": 29.471079,
        "relative_strength": -1.000728,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -12.268525,
        "energy": 6.992028,
        "activity_lines": [
          30.253754,
          30.120153,
          30.162539,
          30.322798
        ]
      },
      {
        "date": "2026-07-03",
        "close": 31.293301,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.40388,
        "fair_value": 29.485096,
        "relative_strength": -1.381346,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 26.970795,
        "energy": 24.035721,
        "activity_lines": [
          30.629141,
          30.337557,
          30.245486,
          30.383928
        ]
      },
      {
        "date": "2026-07-10",
        "close": 30.912001,
        "volume": 0,
        "typical_volume": 0.0,
        "trend": 30.471573,
        "fair_value": 29.495988,
        "relative_strength": -0.552267,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 16.248346,
        "energy": 36.105979,
        "activity_lines": [
          30.826061,
          30.47195,
          30.294541,
          30.41671
        ]
      },
      {
        "date": "2026-07-17",
        "close": 31.3419,
        "volume": 1,
        "typical_volume": 0.05,
        "trend": 30.534853,
        "fair_value": 29.509973,
        "relative_strength": 0.864181,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 30.569327,
        "energy": 52.759927,
        "activity_lines": [
          31.064454,
          30.671659,
          30.392189,
          30.47286
        ]
      },
      {
        "date": "2026-07-24",
        "close": 31.3974,
        "volume": 87,
        "typical_volume": 4.4,
        "trend": 30.59657,
        "fair_value": 29.524164,
        "relative_strength": 0.670637,
        "stage": 2,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 29.796473,
        "energy": 56.954039,
        "activity_lines": [
          31.245314,
          30.857919,
          30.504368,
          30.528508
        ]
      },
      {
        "date": "2026-07-31",
        "close": 31.6717,
        "volume": 899,
        "typical_volume": 49.35,
        "trend": 30.66007,
        "fair_value": 29.54019,
        "relative_strength": 0.005008,
        "stage": 2,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 45.821531,
        "energy": 62.142425,
        "activity_lines": [
          31.406074,
          31.054162,
          30.642536,
          30.597871
        ]
      },
      {
        "date": "2026-08-07",
        "close": 31.6,
        "volume": 51,
        "typical_volume": 51.9,
        "trend": 30.684053,
        "fair_value": 29.555448,
        "relative_strength": -2.422723,
        "stage": 2,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 41.088395,
        "energy": 60.193486,
        "activity_lines": [
          31.49832,
          31.20958,
          30.766091,
          30.658512
        ]
      }
    ],
    "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."
    }
  }
}