The analysis discusses the S&P 500 (SPX) using cycle analysis and wavelet indicators. It suggests a potential pullback starting around September 21st, linked to a rediscovered 4-week cycle, currently at its peak which implies a bearish bias. Analysis indicates a setup for a topping formation this fall. A 3.5-year cycle projects a low sometime this spring or summer, potentially down to the lows from April's tariff panic. Analogs from two-week data suggest topping patterns now and in the next weeks. A VIX wavelet indicates the S&P 500 could make a sideways topping formation rather than crashing. All indicators agree on the bearish sentiment with the 17-week cycle indicating the same.