Just a contrarian view.  It is possible that gold is in a “Leading Diagonal” (impulsive wave) .

The alternate count will be an A-B-C correction …

GDX can be in a pullback.  It is still possible that we go lower to test the lower TL of the diagonal for gold and the 50%-61.8% zone for GDX.

 

UPDATE:

IF we break the neckline. Head and Shoulder and a zig-zag correction. Target 1236