Was the 3000 point level really crushed like this?

This wave of decline came without warning, directly dropping from 3000 to 2870, without even a decent rebound. Many people are still asking "Where is the bottom?", but what we should really be asking is—what is the nature of this round of sell-off?

The answer is clear: a typical stampede.

From a technical perspective, the 3000 level has been tested multiple times, each time barely holding. But this time is different; after breaking through, there was no hesitation, leading to a direct and steep decline. The MACD green bars are rapidly extending, indicating that this is not a gradual decline like boiling a frog, but rather a concentrated panic sell-off.

The more critical issue is the capital situation. The previous fluctuations consumed a large amount of long positions, and when the support level was breached, there was a lack of new funds to take over. Some large holders chose to cash out directly, triggering a chain reaction of programmed stop-losses. This is why the decline has been so severe and rapid.

The market has now entered a phase dominated by sentiment. Bulls want to turn things around; it's not enough to just see how low it falls, the quality of the rebound must be assessed.

**Two positions that must be monitored:**

**2930-2950 range.** The support that has just been broken now becomes resistance. Any rebound that cannot hold here is just a weak pullback, not providing any confidence.

**3000 integer barrier.** Only by stabilizing at 3000 can it indicate that emotions have truly recovered. Otherwise, each rebound is merely an opportunity window for short sellers to add to their positions.

**What if it continues to weaken?**

After breaking below 2850, the next stop may be 2800-2775. If a rebound is blocked and falls back in the 2930-2950 range, 2820-2790 will face another test.

A more dangerous signal is: once it effectively breaks below 2770, it may trigger a new round of downward cycle, with 2720 or even 2680 needing to be included in the expected range.

In simple terms, 2870 is just a breather in this wave of decline, not the endpoint. Don't rush to buy the dip before the forces of bulls and bears are rebalanced. Wait for clear signals at key levels before taking action; patience is worth more than impulsiveness.