R2000 held breakout to new all-time price high. The index is starting the last part of wave (3) that likely extends to 2750 by Jan `26 before consolidating gains back to near 2600. Special Study I: R2000 Banks reporting so far show no evidence of “cockroaches”. Special Study II: Factors typically associated with “lower quality” continue to work QTD. Special Study III: Global Rotation Maps still shows bid for small-caps.