![](https://3.bp.blogspot.com/-GgkPgASybsw/WdYuqIearYI/AAAAAAAAVc4/fRln8gcFbpYBysOh8Y24FuqN5VYyLVL-wCLcBGAs/s1600-rw/Lead.jpg)
Adjacent chart shows price movement of MCX Lead continuous contract. Lead has completed “five wave” rise. Post the “five wave rise”, Lead has witnessed a sharp fall. It is trading in a rising channel and has found resistance at the upper end of the channel. In the near term, minor degree correction is likely, wherein Lead can drift lower towards 160.25 – 158.50 as long as it is trading below the swing high of 171.10. A break above 171.10 will lead to an extension in “fifth wave” which can take it higher to 175 – 178.50 levels. The momentum indicator is in positive mode.
![](https://3.bp.blogspot.com/-mhXQPIiG53w/WdYu8LSYJEI/AAAAAAAAVc8/ZCDCOI_AUh42y936ePBsWPw-3wshMso5gCLcBGAs/s1600-rw/Chart101.jpg)