The PCV valve is on the OTHER hose coming from the valvecover. It's about in the center of the valvecover, with a hose going to the intake manifold.

The PCV valve itself is the plastic elbow right on the valvecover. Take it off & shake it. There's a plunger inside, on a light spring. You should hear it rattle. If it's full of oily crud, just buy a new one - too cheap to bother cleaning it.

Make sure the hose for the PCV valve isn't full of crud...