Expedition #2 FREE EDITION Where the trade stands The fork week resolved. $PURR ran to 14.14 intraweek, straight into the first target zone of the bullish count, and closed the week at 11.61. The trigger for full deployment was a weekly close through 11.62. It closed one cent under. What the charts say The structure question is settled even though the trigger is not. The bullish count, a larger third wave up with targets at 14.41 and then 19.73, is now the live structure, and all three charts agree. hyperliquid:native is holding its breakout, consolidating above the old 76.67 cycle high with a close at 80.02 and a new intraweek record at 86.72. HYPE against Bitcoin sits near its highs at 0.001030, which says the strength is HYPE’s own and Bitcoin is along for the ride. And the HYPE to PURR ratio printed a new low at 6.89, which says the stock led the move rather than chased it. The valuation stayed sane through all of it. Net asset value per share sits at 10.93 after HYPE’s breakout dragged the treasury up, so the 11.61 close is a 1.06x multiple. Even the 14.14 high only touched 1.29x. The move is backed by the treasury underneath it. The targets are reachable at multiples this vehicle has traded at before. The annual report is already on the record. It landed August 27, last week's read covered the receipts, and there is no earnings date ahead. The next scheduled catalyst is the first AQAv2 payment on October 3. What the week taught The rule said close through 11.62. The close was 11.61. The structure looks confirmed and the trigger did not fire, and those are two different statements. The plan treats them differently, which is the entire reason the rule was written down before the week instead of decided during it. The execution log this week is the part I would actually want to read: the order I almost placed at Friday’s close, why I did not, and the math on the one that is resting now. That lives behind the wall. Not financial advice. A journal, in public.