cbud
Long

ETP is in a rally or die situation despite all the news hype

NYSE:ETP   ENERGY TRANSFER PARTNERS, L.P. COMMON UNITS REPRESENTING LTD PARTNER INTERESTS
26 0 1
I don't like that giant strong milestone potential C leg down from Early Sept 2016 for a bullish case.
Nonetheless, ETP             is still in an upwardly trending channel.
It's rally or roll over here for ETP             .
There's been a lot of news coverage for ETP             in the past weeks, but I'm not seeing a whole lot of strength in the chart.
So who exactly is buying it on all this research news? Their trades aren't showing up on the tape.

Either ETP             starts a Z wave rally from here or it's a sell on the break down.
Comment: Maybe all the manufatured good publicity for ETP over the past 2 months is finally working.
From a structure perspective we've now got a strong milestone on Sep 12 centering a Leading diagonal and an Ending diagonal, probably completing the down wave in the hourly timeframe.
Confirming price action, strong gaps up the past few days.
Could likely be the start of impulse waves upward off a respect for the long term trend channel in place.

I'm looking for prices to make a slow crawl in overlapping waves up to 50, keeping stops low and watching the Fib expansion confluence.
Then on the Daily timeframe, the entire rally is corrective, and I anticipate a deep, swift decline well below 19.

It's amazing how the the news can either grossly lead actual prices.
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