To summarize: 75,000 is not the bottom, but rather the threshold for entering a deep bear market. Once effectively broken below, the market should no longer focus on "rebound correction," but switch to monthly-level defense, paying attention to the range of 65,000 → 58,000. The reason is simple: the adjustment level has changed. From February to April last year, it was a weekly adjustment, but this current cycle has upgraded to a monthly adjustment. The larger the adjustment level, the longer the time and the deeper the space, so 74,000–75,000 no longer meet the conditions for a trend bottom, at most just a correction or emotional rebound point. Monthly support structures (from weak to strong): 70,800: large wave 0.5, only a short rebound, not a medium-term value; 64,800 (key): monthly EMA52, the start zone of the main upward wave, may have a rebound but not a reversal; 57,700: large wave 0.618, strong structural support, if it falls here, the cycle's end will be discussed; 53,800: monthly BOLL lower band, common during panic release phases. In one sentence: 75,000 is a threshold, not a bottom; the truly medium-term area of concern is below 65,000.