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Lead on southward journey

The chart shows the price movement of MCX Lead on the continuous chart. From the low of 104.25, lead formed a sharp rally. It retraced nearly 78.6% of the entire previous fall. However, near the key Fibonacci level, the bears opened a fresh round of selling. As a result from that key Fibonacci level, lead has started tumbling down once again. The fall is breaking up into lower-degree waves. Recently, it formed a minor-degree pullback, which also retraced 78.6% of the first leg of the fall. Along with that it faced resistance near a medium-term falling trendline. Thus, from there lead has started the next leg down. It has formed a small bearish triangle on the way down. The daily momentum indicator is in a bearish mode. On the downside, the equality target comes to 116.30, whereas the Fibonacci target is at 113.50. The swing high of 124.65 will act as a reversal level.
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