Mosesnoses, I see a totally different picture from the chart you refer to. While TGX has made a nice bear market rally from around 9 to around 16, volume for the last 15 consecutive trading days has been less than half of the average daily volume. This tells me it's a half-hearted rally at best, probably fueled by some short covering, but it doesn't appear that much if any "smart money" is participating. Also, stochastics are showing oversold and look ready to turn down soon. Plus, that spike bottom of mid-August is just begging to be retested. Barring any positive surprises, I expect to see 9 again fairly soon. As further ammunition for the bearish case, two proprietary indicators from my Worden Brothers TC2000 technical analysis software are very bearish. Moneystream(tm) absolutely plummeted in July, meaning money was flowing out of the stock. Balance of Power(tm) turned negative for the first time in more than 2 years about 3 weeks ago. This means that systematic selling has begun, vs. systematic buying. When both of these are negative, it often means the stock will be under pressure for some time.
I know TA is as much an art it is a science. That's what makes it interesting. Kind of like having 2 people look at an inkblot and seeing different things. Good luck trading.