1. Don't know why you choose the 240 chart, but if you look at the daily chart you see a somewhat different story. TNA, TZA, or the Russell Index itself all show that we are in more of a box-shaped range, that contains a minor channel.
2. I don't predict any particular thing, over any particular period of time; I'm just a simple trend follower. TZA might bounce, as you suggest. It might fall further. It might go sideways. The market can and will do whatever it wants. I take it as it comes; one day at a time.