MCX lead formed a medium-term pull back in the last few months. In terms of wave structure, it formed a thre ewave pull back and halted near the upper end of the rising channel. It retraced 61.8% of the previous fall. At that level, the base metal formed an Ending Diagonal pattern and tumbled sharply. The fall formed a three wave structure and halted near a crucial support zone. From thereon lead has formed an impulse on the upside and is again forming a minor degree correction. On the downside, 20-day moving average (Rs.121.50) and 40-day exponential moving average (Rs.119.20) will be the key supports to watch out for. On the other hand, Rs.126.00-127.70 will be the key resistance zone.