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