Initial ideal MHD stability results for the Tokamak Configuration Variable (TCV) tokamak with variable elongation are presented. Two configurations have been studied: a racetrack shape and a D-shape at a fixed elongation of 2.5. Low beta studies indicate the existence of stable racetrack equilibria at currents up to an edge safety factor value of qs = 2, but the window of operation is limited in qo to narrow bands above each integer value. For the D-shape, qs = 3 gives the current limit at low beta, but the operating range in q0 is much wider than that for the racetrack. Beta optimization studies show that the maximum beta set by the n= 1 freeboundary stability limit decreases as the current increases, except for the lowest currents in the range studied. Although further optimization cannot be ruled out, considerable enhancement of the beta over that for an equivalent circular cross-section of the same major radius and aspect ratio can be obtained by elongation of the plasma cross-section.