One way to decode the meaning of the Valknut, an iconic symbol of Odin and Odin's power, is to envision it as representing the successful personal psycho-synthesis of the three spiritual modes of consciousness characteristic of the Old European shaman and shamanic practice. For example, the three spiritual modes in Celtic Druid Tradition are Ovate, Bard and Druid. In Jewish Tradition, the three modes are Prophet, Psalmist and Judge. In Germanic Tradition, the three modes are Völva (or Vikti), Bragi (Braga-men or Braga-women) and Lawspeaker. Broadly, the three modes correspond to the skills of Pattern-Seeing, Arts and Teaching. In terms of witch-crafting, all three of these spiritual modes can be understood to refer to the natural and ever evolving abilities of the soul (called a witch* in Hebrew Kabbalah) to properly apprehend, to bind or unbind as desired, and to cast into emerging reality the deep sublime energies of the Cosmos.
In terms of societal function, these modes correspond to the Visionaries (those with the power of foresight, pattern-seeing and connection-making), the Artists (those who excel at all manner of poetry, skillful craftsmanship and building) and the Philosophers (those who evolve new ideas and ways of thinking, the teachers and founders of the future). Odin's Valknut symbolizes the expert shaman who has powerfully developed within him/herself all of these three evolutionary modes of shamanic consciousness.
In Germanic Tradition, the Valknut is a sigil which catalyzes and drives this psycho-synthesis of shamanic consciousness - it is the sigil of the Mastermind. As visualized in the graphic above, the encircling river of runes (or likewise any mystical alphabet particular to a culture or heritage) symbolizes the fundamental and elementary forces of the Cosmos with which Consciousness and Reality are themselves soulfully master crafted.
Each of the three points on the inner circle making contact with a unique triangle (of thoughtful awareness, acquired emotive understanding and mode of directed action) reminds us that shamanic time is not linear (as we perceive it as incarnate beings experiencing normative, everyday awareness). Consciousness itself creates time, pulling order out of chaos (in which All Time reverberates).
The outer circle represents the event horizon in mystical consciousness beyond which there is no-thing (called Ginnungagap in Germanic Tradition, Ein in Hebrew Kabbalah). The runes (like all mystical alphabets) are believed to correspond to the fundamental energetic building blocks of human consciousness and reality. The inner circle represents the event horizon boundary between new emergent consciousness and reality in potentia and newly revealed consciousness and reality made manifest.
The Valknut may also be understood to symbolize harmonic actualized unity of the powers of rational thought, intuitive feeling and physical sensation. In other words, the shaman is whole - this wholeness is conducive to powerful magic-making and more importantly, catalyzes, empowers and supports the continued evolution of the consciousness of the tribe or community the shaman serves.
*"And now the sorcerer depends on these techniques, and therefore, every soul is a witch." Meditation and Kabbalah, Aryeh Kaplan, page 103