FBMKLCI hammer on daily timeframe may signal REVERSAL

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