Check your manual. I just pulled it on-line. Page 37 shows a stitch for elastic that looks similar to zig zag.
Also check the pages that show the applique stitch.
On my machine (brother), I use a small zig zag but it looks like the jagged edge of a leaf. I use a length of 1 and width of 2 on the settings but change according to whim. Here is a pic of the stitch. I like this one and use it most of the time for applique.
Be sure to do a sample adjusting length and width. I write them right on the sample and keep in a notebook for later reference.
Have fun with your new machine. It certainly has some great features!
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