The next thing to look forward to (for class of 2024) is the ECandidate Packet Letter. This past cycle, it was emailed on May 9th. If you receive this, it means that your status has changed from "Preliminary" to "Official Candidate".
The ECandidate Packet Letter assigns you an official candidate number and gives you login information for the Candidate Information System (aka: online "portal"). If you get this letter, it means that you meet the minimum qualifications of being a candidate. It does not in any way mean that you are "competitive", just that you will be considered a "candidate". That is all.
Now, I would say that you have until April to get those standardized test scores up. Take the ACT again (if you feel that you can do better or are better prepared now) and take the SAT as well. The new (hopefully higher) scores will get your foot in the door (with a candidate number) and you'll have your Senior year to retake the ACT and SAT again, if you need to.