Why support @7700 is so important?

A drop below 7000 opens the way to the 6000 and 5000...4000 area.
Bears are once again trying to overcome important support. This time at 7700.

Kommentera:

Here it is:

Kommentera:

A move below 6000 will change wave count from ABC to 1-2-3-4-5. First leg downwards?

Kommentera:

There is also the possibility to stay above 6000 :)
Supports @6600 and 6000. And third impulse down. Already happened?

Kommentera:

The return to 7700 opens way to 8400:

Kommentera:

Nice bounce, but too early to celebrate. Bullish bias begins above 8500.