FBMKLCI hammer on daily timeframe may signal REVERSAL

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minor wave is not the wave 2, need to recount the wave

Looking at the FTSE Bursa Malaysia KLCI Index chart, here's my analysis:

Current Price Action:
- Trading at 1,585.52, down 1.05%
- Currently testing key Fibonacci support levels
- In a potential wave (ii) correction

Elliott Wave Analysis:
- Completed wave (i) at 1,682.48
- Currently in wave (ii) correction
- Projecting waves (iii), (iv), and (v) ahead
- Wave (iii) target around 1,720
- Final wave (v) target could reach 1,720-1,730

Key Technical Levels:
1. Support:
- 1,587.66 (0.618 Fibonacci)
- 1,605.77 (0.5 Fibonacci)
- 1,561.89 (0.786 Fibonacci)

2. Resistance:
- 1,623.87 (0.382 Fibonacci)
- 1,682.48 (previous high)
- 1,693.20 (major resistance)

Technical Outlook:
- Descending triangle pattern forming
- Price near critical support level
- Potential for bullish reversal if support holds
- Volume needs to confirm any breakout

Trading Considerations:
- Watch for bounce off 0.618 Fibonacci level
- Major resistance at previous wave (i) high
- Stop loss could be placed below 1,561.89
- Wait for confirmation of trend reversal

Penafian

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