These are my Elliott Wave set-ups for Plug & Play Stocks, Broader VSL and Global Trends ETFs, as well as, several that I am trading or investing in. Each week, I’ll cover 5-10 set-ups that catch my eye as higher potential and/or higher certainty. We’re using the intermediate term weekly charts as our primary guide, but have to mind the other time frames for clues too.
Elliott Wave is not perfect, nor is the operator, and neither is my Primary Wave Set-up. However, from a targeting perspective, I have found it to be an excellent tool. Even when I miss, I learn a lot and can adjust. I encourage you to think that way. Think in probabilities, not certainties. And, remember, mind your asset allocation by scaling in a piece at a time.
FOMC week!
My2Cents
We have a few additions this week that are candidates for additional positions. I’m still not sold the bottom is in yet these set-ups should be viable if we take deep enough puts.
Plug & Play Stocks
Uber Technologies Inc (UBER) Primary Wave Set-up that back-tested the floor. Wave 2 has a new 90-minute trigger, so 1/2 position size now. The next target is $27.01. Earnings on 11/01. Option Scan
Warner Bros. Discovery Inc (WBD) Primary Wave Set-up with a Daily-trigger, so a 1/2 position size now. The next target is $15.27. Earnings 11/03 Option Scan
Freeport-McMoRan Copper & Gold Inc (FCX) Option Scan
Ford Motor Company (F) Option Scan
Vici Pptys Inc (VICI) Option Scan
Digital Realty Trust Inc (DLR) Option Scan
Broader VSL
Home Depot (HD) 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. Earnings on 11/15. Option Scan
Disney (DIS) is a great example of how a percentage of Primary Wave Setups like to back-test the floor before they continue to hit the target. As a result, I always tighten up my stops once we’ve pushed above 23.6% fib to be sure and lock in gains and plan to scale back in. Earnings on 11/08.
DIS 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. Option Scan
Netflix (NFLX) sold a Dec. $250 put for $5.40+ / Sold a Dec $230 put for $3.35. It looks awesome, but it is getting a bit overbought. The target suggests maybe $295 and then we should get a decent back-test. It’s up to you and your risk management whether or not you hold the $230 to expiration. Option Scan
Global Trends ETF
SPDR Select Energy (XLE) Option Scan
My Shots
iShares Biotechnology ETF (IBB) sold a Dec $110 put for $3.40+. 5 x 5! A Primary Wave Set-up with a Daily-Trigger, with a weekly trigger and a secondary Primary Wave Set-up as the back-test. As a result, a 1/2 position size. The first target is $127.15. Option Scan
TWLO 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. Earnings on 11/3. Option Scan
