As needed updates to Shooter’s long-term position trading Elliott Wave charts for our Plug & Play quarterly stock focus lists. Use these charts for:
- Adding to holdings and selling cash-secured puts near pivot bottoms.
- Trimming gains and selling covered calls near pivot tops.
Plug & Play Primary Wave Set-ups
Looking for spots to buy and/or sell cash-secured puts.
EMQQ a Primary Wave Set-up with a 90 minute trigger (1/4 position size). Measure to $42.66 for a Intermediate wave 1 in early Fall 2022. Stop is a close below the Set-up!
AAPL (stop triggered) closed below the 90 minute trigger. In this case, if you’re long, I would cover because our count now says we will come in at $127.58.
BX No Stop trigger, but the count has morphed lower towards $87.97. So, I’d cover here and plan to re-enter at $87.97.
PBW It did nothing wrong! Still a Primary Wave Set-up with a Daily Trigger (1/2 size) measures $68.17 for an Intermediate Wave I. It looks constructive here! The Stop is BE or the 90 minute trigger at $44.64 depending on your risk tolerance.
SPWR a Primary Wave Set-up with a Daily Trigger (1/2 size). Intermediate Wave One is extended now, which is good and measures to $25.74. Stop is now BE or the 90 minute trigger at $14.22.
Plug & Play Trims And Selling Covered Calls
Looking for spots to trim gains and/or sell covered calls.
BHP A little choppy! Sell is just about in at $47.21. Maybe $40.39 for Next Entry Long now! I still like it as long as that Speedline holds.
SQ Still looks lower…stalking!
Primary Wave Set-ups NOT on the VSL
MSFT (stop triggered) closed below the 90 minute trigger. In this case, if you’re long, I would cover because our count now says we will come in at $191.64 and plan to look at it down there.
TSLA No Stop triggered, but it will! The count has morphed into a diagonal (or looks like it) on that lower wave 4 print.
MIND YOUR STOP!
SNAP (RSI confirmed this week. Maybe one more low!) Primary Wave Set-up with a 90 minute trigger (1/4 position size). Measures to $31.09 for an Intermediate Wave one. Stop is the Set-up ($12.55). Note, RSI is pointing down we could see one more candle down and then find a bottom somewhere between $12.50 and that $7.30 2nd entry label.
NIO It’s still a Primary Wave Set-up with a 90 minute trigger (1/4 position size). Measure to $27.21 for a minor wave in early Fall 2022. Stop is the set-up line $11.67. We were drifting a bit this week which is not always a bad thing.