Confluence state: 1 of 5 independent domains aligned bearish (0 bullish / 1 bearish / 4 neutral). Dispersion 0.372 (high = split ensemble), net tilt -0.11. Read forward (valuation/sentiment gauges, not momentum): bullish = cheap/fearful, bearish = expensive/euphoric — a euphoric top reads bearish. Independence is measured, not assumed: effectively 3.78/5 domains (redundant: trend~onchain ρ=0.846). 2432 of 2433 comparable days at or above this level. A descriptive state beyond the bull-market gauge — not advice.