"1) Is this the correct way to do this? "

Maybe, maybe not. You say it is a 240 circuit, but the majority of ranges are 240/120. A 240 circuit has no neutral. Prior to 1996 240/120 circuits for ranges were OK to run with SEU cable originating at the main service panel. SEU has 3 conductors with the bare, concentric outer neutral bonded to the range cabinet for grounding purposes.. If this is the case, and your range is 240/120 than no, it is not the correct way to do this, code prohibits that circuit from being extended. The correct and legal way is to run a new, 4 wire circuit and install a 4 wire receptacle and a 4 wire cord on the range.

The house was built in 1996. It is a Jenn-Air downdraft range. I will have to check on 3 vs 4 conductor connection.

Here is an image of the current box. Looks like the stove has a 3 wire cord. Does this image clarify what has to be done?

Thanks again

Just looking at the cord isn't enough. But, the box looks like an old style 50A receptacle, which would tend to indicate two hots and a grounded (i.e. neutral) conductor and no proper ground. As Joe points out, that is a legally grandfathered case but not acceptable for new wiring. If you can get into the crawlspace, it's not going to be much more effort to do it right and install a 4-wire circuit.

Ok, thanks, The box says "Eagle 50AMP" on the top. Will I also have to re-wire the oven to replace the 3 with a 4-wire cord (assuming the cord is 3 wire)? Connect the green ground wire of 4 wire to the chassis of the oven?

The other question was about the location of the new outlet. Floor like it is now or wall box. Does it matter?

Thanks

Yep, I can almost bet if the range isn't an antique that if you look where the wires run into it (you may have to remove a plate) that there are actually four terminals there and currently the frame and the neutral connection are jumpered together. You remove the jumper and add a proper 4 wire cord and plug.

It doesn't matter where you mount the plug. Most ranges again have a slight recess in the back so they can slide right up to a surface mounted receptacle. Mount it on the floor or on the wall as you see fit. Make sure everything clears when you push the range back in place.

My GE dual fuel range included instructions for where to surface mount a 50 amp receptacle and where to put the gas connection so that it would tuck back under the recessed areas on either side of the range. Its still pretty tight to get the heavy weight cord to coil around so you can slide the range back, but it works.

You might look at the installation materials for your range and see if it provides similar instructions.

Bruce

I checked last night and the current wire is 3 conductor (red, white, and black - no ground) so it sounds like I know what needs to be done. Thanks to everyone for the info.

I need to figure out the best way to pull the old wire out of the breaker box and get the new 4 conductor into it. Any suggestions? I thought about connecting the new wire to the old and pulling it down as the old is pulled out. I think the conduit has room, but it is hard to tell.

-Thanks

Conduit? Didn't see that in the photo.

Sorry, the conduit is between the breaker box (mounted in a kitchen closet) and the craw space. The photo was just of the current receptacle under the stove.