SCMR dynamic levels have our closest demand/support zone at around $252 on the . I would expect to see a further push down to touch that level before a significant reversal, however I've already begun my staggered entry on this trade. Per Thomas Bulkowski: A will reach back to it's own 'B' point 97% of the time... however If we fail to reach target 1 at $278 and instead break below SCMR support toward the at $238, I'll be looking to average down my position.
The over-all R/R on the if taken at the D completion point is 1.95, with stops being triggered on a break of the . This assumes a two target completion, first at .382 of AD ($278.62) , second at .618 (292.66).
The over-all R/R on the if taken at the D completion point is 5.45, with tighter stops somewhere in the 230 area. This is because it's my opinion that we'll blow past support if the breaks. Target 1 on the would be around $270. For more information on the and it's requirements, go here.
For more information on the and what to expect from it, take a Look at @Nico_Muselle 's post.