MCX lead formed a medium-term pullback in the last few months. In terms of wave structure, it formed a three wave pullback 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 in the last couple of sessions. The fall has brought the metal towards a crucial support zone, which is near Rs.117-116. Hereon, lead can once again start moving higher. From short-term perspective, Rs.122.50-123.00 will be the area to watch out for beyond which larger upside can be expected.