The TJX short trade came within a point of hitting the first target just before the market bounced and once again looks to offer an objective short entry here as it back-tests the recently broken S1 support level (now R1, resistance).  T2 (28.30) is my preferred swing target on this trade over time and would provide roughly a 35% gain from current levels if hit.  Therefore, stops can be set as high as 10% above current levels and still offer a 3.5:1 R/R although one could also short here with a stop not too far above resistance on a move over the 44.40 area, thereby giving this trade an excellent R/R of 15:1.

For those in the trade, please note that I have slightly revised the targets as T1 was previously stated to be the first of the horizontal support (at 39.70) or the primary (yellow) uptrend line.  At this point, the uptrend line will be hit first if this trade continues to play out.  I also modified T2 from a target zone to a hard target at 28.30, where I will most likely cover the trade and remove T3, the current final target, depending on the market conditions at the time if we get there.  Daily & 2-day charts below: