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S&P500 Pullback started to previous ATH? or deeper to fill gap?

The S&P500 may have started its pullback Friday after reaching the R1 pivot target where we expect a rejection back tot he daily pivot. at $6950, where the 0.5 Fibonacci retracement sits, just above the previous ATH.

A high confluence retracement area.

This will spook market participants, potentially causing a mass capitulation event before continuation of the bull run, leading to retail FOMO-ing back in higher as exit liquidity.

There is also a large gap to fill at the 0.786 Fib retracement area and S1 pivot at $6700.

Maddox_Metrics

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S&P500 pullback to previous High or $7460 next target?

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