Large-scale shell-model calculations predict that the region of deformation which comprises the heaviest chromium and iron isotopes at and beyond N =40 will merge with a new one at N =50 in an astonishing parallel to the N =20 and N =28 case in the neon and magnesium isotopes. We propose a valence space including the full p f shell for the protons and the full s d g shell for the neutrons, which represents a comeback of the the harmonic oscillator shells in the very neutron- rich regime. The onset of deformation is understood in the framework of the algebraic SU(3)-like structures linked to quadrupole dominance. Our calculations preserve the doubly magic nature of the ground state of 78Ni, which, however, exhibits a well-deformed prolate band at low excitation energy, providing a striking example of shape coexistence far from stability. This new IOI adds to the four well-documented ones at N =8 , 20, 28, and 40.