Throught the window I can see a nut and what looks like the power valve to be in there but when I put my fingers in the through the exhaust port and feel in that cut out where the valve should be there is nothing there.

You will feel a opening when the bike is off and not running. When the bike reaches about 4000 RPM, the PV closes. Can you run the bike in neutral, give it some throttle and rev it up. Looking through the window you will see the PV arm move upwards and close. If it doesnt move when you rve the hell out of it, it might be stuck.