This analysis is based on my study of the article "Anatomy of a Trading Range" by Jim Forte (i.e. Wyckoff), which appeared in the MTA journal Fall, 1994. It's quite a revealing piece for someone who had no previous exposure to Wyckoff.
Chart pretty much explains it. I am reluctant to call 3 where I did given that is a 30 minute candle that the price action takes place in, but it fits better than the placement that seems more obvious.
**EDIT** I don't want to enter all this again, so just imagine that the bottom of the target box extends down to $138.