I spent over 20 hours hunting this fabled with my high level pally with out success.
Then I bring in my lvl 75 rogue and he pops in the 3rd cycle :-(
I am starting to suspect that you need to have the rogue pop the traps in order for this fabled to pop.
I went to the back of the tunnels since there are 3 traps back there and I could easily keep all three traps cleared.