GDX put in a price channeled move down into the June 2013 low. Because GDX broke out of the price channel after that low, the low was the start of a bottoming formation.
After the breakout from the channel, GDX put in a falling wedge into the head of a big inverse H&S. Now GDX is working on the right shoulder for the big inverse H&S.
The problem is that GDX also needs a pullback to the VWAP of the bright blue megaphone. That means a retest of the 2016 low.
GDX also needs a bounce from right about here to retest the top of the bright blue megaphone from inside.
The green scenario represents a quick retest of the top of the bright blue megaphone before a collapse to the megaphone VWAP to complete the right shoulder on the inverse H&S before breakout.
The purple scenario represents buyers getting too eager too soon. If GDX breaks back out through the bright blue megaphone top before its retrace to the megaphone VWAP, it will likely form a megaphone right shoulder on the big inverse H&S to work the price back to VWAP before breakout.