We use a dialogue between supervisor and supervisee to explore a clinical process lived in parallel in an analysis and in a corrollary supervision. The clinical material is theorized in terms of relational and intersubjective processes in supervision, speech processes that may underlie transference, and countertransference phenomena. In the parallel process that arose between treatment and supervision, we examine the interplay of the patient's dynamics, the issues of power and safety in clinical and supervisory dyads, and some of the mechanisms that underlie transpersonal states.