transcription of text near swallowtail merlons?

[cvetkakocj@rogers.com]

It should be (with two indistinct gallows): [o:c]f,air.o?,alc?hy

Does anyone want to try my transliteration alphabet, which is somewhat improved EVA? I read this label as OSVAIR OSVAL SVEČI. Adjusting for SV (since the two VM glyphs are used interchangeably for CV, ZV, SV byglyph, as well as for sound q and cf (not used in Slovenian written language), the label could read: OSVAIR OZVAL SVEČI.
OSVAIR - is a form of the word SVARITI (to warn, to give warning),  most likely the noun OSVARILO (contemporary Slovenian word SVARILO)
OZVAL - comes from the verb ZVATI - call; ozval stands for singular masculine past or present tense verb
SVEČI - dative of light or candle

Since SVEČI comes from the root word SVET, which is the same as 'holy', 'enlightening', the label can also have a symbolic meaning of giving 'divine warning'. 

Considering the flexible word order, the label could read: CALL WARNING (with) LIGHT
There is another label in that same circle, above what looks like a watch tower. It reads OSVOOR DALY (according to my transliteration alphabet). Assuming that OSVOOR is just another spelling of OSVAIR, and the second word is DALY (Slovenian: DALI - they (will) give) - the meaning in Slovenian is similar: they give warning. 
I would also like to point out that at the time VM was created, the Turkish invasions in Slovenia were frequent, and the warning about them approaching was given by lightning fires on top of the hills, in a similar way the lighthouses were giving warning on the sea.