NOVARTIS - Likely to have entered another correction - Watch the key supports!

Novartis has recovered from the Trump crash of April 1 to April 9. However, the recovery does not have an impulsive look. Rather, it appears to be part of a medium-term correction or long-term consolidation.
In fact, Novartis could decline from the peak of July 4 at 99.65. The present decline could be a downleg, which is part of a horizontal triangle. The decline has supports at 95.30 to 94.50, 92.40 to 91.40 and 88 to 86.

Investors could reduce or sell if the supports are broken.
Long-term investors should watch the support at 86, a break of which would signal more weakness to 78.
For the bearish outlook to be negated and for Novartis to resume the long-term uptrend, it would have to break above 98.70 and 99.70. Such price strength would signal more strength to 103, 106.50 or 122.