FCPO should reverse as it reached 2.618

### **1. Overall Market Context**

* Current price: **4,285 MYR**
* Recent high: **4,286 MYR**
* Market shows a **sharp rebound** after a 5-wave downward Elliott sequence.
* Current trend: **Short-term bullish reversal** after completing a possible Elliott Wave 5 down.

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### **2. Elliott Wave Count**

* You have marked **i – ii – iii – iv – v** indicating a completed **5-wave downtrend**.
* After the final **wave v bottom around 4,169 MYR**, price has reversed sharply.
* This is consistent with the **Elliott Wave principle** where after a 5-wave impulse in one direction, a **corrective phase or reversal** usually follows.

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### **3. Fibonacci Analysis**

* Fibonacci retracement and extension levels are plotted:

* **0% at 4,169 MYR** (bottom of wave v)
* **Fib retracement cluster:**

* 0.382 ≈ 4,180
* 0.5 ≈ 4,192
* 0.618 ≈ 4,197
* 0.786 ≈ 4,204
* Price **broke above 1.0 extension (4,214 MYR)** and accelerated.
* **Current rally approaching Fib 2.618 extension ≈ 4,287 MYR**

* Market is **testing a key resistance zone**.

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### **4. Support & Resistance**

* **Immediate resistance**: 4,285 – 4,287 MYR (Fib 2.618 extension + prior swing high)
* **Next resistance**: 4,332 MYR (Fib 3.618 extension)
* **Immediate support**: 4,221 MYR (previous breakout + 1.0 fib extension)
* **Key support**: 4,200 MYR (0.786 retracement level)

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### **5. Volume & Momentum**

* **Volume spike** visible on the rally from 4,170 to 4,285 MYR.
* Indicates **strong short-covering or new buying interest**.
* Momentum is **overextended**, suggesting potential short-term pullback if resistance holds.

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### **6. Trading Plan (Short-Term)**

* **Bullish bias** above 4,221 MYR.
* **Potential pullback** to 4,242–4,221 MYR zone if current rally faces profit-taking.
* **Upside target** if breakout sustains: 4,332 MYR (Fib 3.618 extension).
* **Invalidation level**: Below 4,200 MYR, momentum likely fades and market may retest 4,169 MYR.

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### **Summary**

* Market has **completed a 5-wave downtrend** and is in a **strong corrective rally**.
* Price is testing **key resistance at 4,285–4,287 MYR**.
* **Watch for either breakout continuation to 4,332 MYR or short-term retracement** toward 4,221–4,242 MYR.