How it started!
How it going?
Elliott Wave is not perfect, nor is the operator, and neither is my Primary Wave Set-up. However, from a targeting perspective, it’s pretty darn close. The first chart was produced on May 9, 2022 with a target of $359.16 when I started posting my Primary Wave Set-ups and, low and behold, we went to $362.17 on June 12, 2022 to later overshoot my target by $2.02, printing a lower low of $357.14 on September 25, 2022. I don’t know about you, but I’ll take a $3 range on the S& P over five months any day.
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 the pivot tops.
Plug & Play Primary Wave Set-ups
HD we sold a NOV $250 put for $4.15+ Primary Wave Set-up with a Daily-trigger, so a 1/2 position size now. The next target is $302.83.
DIS we sold a Nov $85 put for $2.00+. Primary Wave Set-up with a weekly trigger and a secondary Primary Wave Set-up as the back-test. Lower the 1st target this week to $109.06.
DIS is a great example of how a percentage of Primary Wave Setups like to back-test the floor before they continue to ultimately hit the target. As a result, I always tighten up my stops once we’ve pushed above 23.6% fib to be sure and book gains with a plan of scaling back in.
IBB we sold a Dec $110 put for $3.40+. A Primary Wave Set-up with a Daily-Trigger, with a weekly trigger and a secondary Primary Wave Set-up as the back-test. So a 1/2 position size. The first target is $127.15.
Looking for spots to buy and/or sell cash-secured puts.
Plug & Play Trims And Selling Covered Calls
Looking for spots to trim gains and/or sell covered calls.
Primary Wave Set-ups NOT on the VSL
TWLO we sold a Nov. $60 put for $4.00+, a Primary Wave Set-up with a Daily-trigger, so a 1/2 position size. The first target is $127.15.
Tracking Recent Trades
09/30 IBB Dec $110 puts pays decent $3.40+
09/30 TWLO sell a Nov. $60 put for $4.00+
10/03 DIS sell a Nov $85 put for $2.00+
10/03 HD sell a NOV $250 put for $4.15+