In February, Amazon, Berkshire Hathaway, and JP Morgan announced formation of a Healthcare consortium. Basically, they will try to reduce healthcare costs to their employees. But this can also disrupt the healthcare industry. Amazon, Berkshire Hathaway, And JP Morgan Are Forming A Healthcare Mega-Company (Forbes 2/16)It's barely been a month since this announcement, and Cigna $CI is already making moves. It announced the plan to buy Express Scripts $ESRX for $67 B, a 31% premium based on Wednesday's closing price for ESRX. Cigna was already in a downturn after the Healthcare consortium news. And this acquisition adds further uncertainty pushing price lower during the 3/8 session.Cigna (CI) Daily Chart(click to enlarge)Bearish Correction:- What a turnaround (in a bad way) for CI.- After an amazing bull run in 2017, price turned sharply lower in February 2018. - Price was hanging out above $190 and the 200-day simple moving average (SMA) for a couple of weeks. But these support levels broke above the ESRX acquisition announcement.- This looks like a falling knife and I would not try to predict the bottom.- But, the 170 area might offer some support, being a previous resistance.- Even if there is support there, I would anticipate further correction.- I would limit the bearish outlook to the $140-$150 area for now. This will be a key level representing the period of consolidation in 2016. - The 200-week SMA will also likely collide with price here and might offer support, especially if the RSI is below 30 in the weekly chart. CI Weekly Chart(click to enlarge)