I am working on setting an automation to set a new status when a ticket has exceeded a time limit. I'm choosing the "Time in status" trigger. 
After configuring it, the logs seems to indicate that it fired one time for one ticket. No failures listed. What is the expectation here? Should this run every day/hour/minute? Does it look at tickets that existed prior to the rule addition? I can't decide if my steps are insufficient, or if there is a triggering step that is missing or I am totally misunderstanding how this should work.
e.g. Final rule:
When this happens...
Issue is in "In Progress" for 7d
If these match...
Issue matches:updated <= -1w+
Then do this...
Transition issue to "Backlog"