Confluence state: 3 of 5 independent domains aligned bullish (3 bullish / 0 bearish / 2 neutral). Dispersion 0.355 (high = split ensemble), net tilt 0.348. Read forward (valuation/sentiment gauges, not momentum): bullish = cheap/fearful, bearish = expensive/euphoric — a euphoric top reads bearish. Independence is measured, not assumed: effectively 3.82/5 domains (redundant: trend~onchain ρ=0.844). 1559 of 2389 comparable days at or above this level. A descriptive state beyond the bull-market gauge — not advice.