MCX lead, in its recent rise, has formed an impulse on the upside. After the impulse lead is forming a minor degree correction. It has retraced 61.8% of the impulse. Since the last few sessions, lead is forming a base near the key Fibonacci level. A key support zone on closing basis will be 61.8%-78.6% retracement marks, ie Rs.110.20-108.00 respectively. As per the Elliott Wave theory, hereon, its next leg on the upside is likely to start off. On the higher side, Rs.112.30-113.40 is the key resistance level beyond which lead can test the high of Rs.118.20.
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