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Shot goes UP??
usually you want wings and weights when the shot goes down, because the gun comes up and taps the end of the shaft as it exits the muzzle. This is caused by a high power gun that doesnt have the neutral bouyancy to remain still at the trigger release.

your gun may actually be sinking down and away from the shaft at fire, causing the bands to push the rear of the shaft down, causing the shot to rise. My guess would be bands that are either too strong, or short for the shaft. did you shorten your stock bands? overpowered bands can make the shot go either way, up or down depending on the bouyancy of the stock. now that I am thinking of it, experiment with a small foam piece taped or zip tied to your muzzle, or get slightly longer bands, say one inch longer, or 1/2 inch longer, you will have less power but the shot will be accurate, which really matters most.

most spearo's are obsessed with power, when an accurate gun gets more fish.

on the other hand I think what may be affecting the shot is that magnet! I think they are removeable, try a day without the magnet, I have heard much speculation as to the effect of the magnet on the shot with different sizes of guns. I even wonder if storing the shaft in the track causes the shaft itself to become magnetized over time. this might cause magnetic repulsion/or attraction as the magnetized shaft moves at great speed past the muzzle magnet driving the shot up or down, the magnet is a great gimmic for freeshafting, and easy loading, but I dont think It is either necessary or cruitial for the gun to fire accurately. My 110 Omer Cobra didnt have a magnet and (properly weighted) it fired every bit as accurate as the Riffe Euro 110, I cant see why the 120 should be much different.

good luck.