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.

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Here it is:

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

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

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The return to 7700 opens way to 8400:

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