Putin just held his speech; we are none the wiser on what Putin does next with regards to the war in Ukraine. No mobilization announced; no declaration of war. No declaration of victory either, so my prediction turned out to be wrong.
Regarding NATO, Putin claims that NATO is assembling forces near Russia's borders with the possible intent to invade Russia; Russia will not accept this (interpret this as you want).
In conclusion the speech was 'softer' than most people expected, which might indicate that Putin is preparing the Russians for a Ukraine war that will not deliver the desired outcome for Russia. Is this Putin starting to climb down & de-escalate? I don't know. Sergei Shoigu was there, being paraded around in a car. No appearance from Chief of the General Staff Valery Gerasimov so far.
Now the parade of troops and hardware is moving along.