GDX | ETF Gold Miners - Decision Time Imminent?

GDX is a popular vehicle to access the gold miners market.  This offering has a somewhat damping effect on risk through the broad exposure this vehicle has as compared to individual issues.  Talk on the blogs includes a critical price level of $54 as to a potential decision point or point of inflection.  While it varied through the day from $52.53 (LOD) >>> 54.01.  The EOD price was also HOD price.  I enjoy taking the information from the popular blogs and seeing where that fits with my perspective of the market.  


With the GDX Daily Chart, my interpretation includes a steep decline with a floor between $51-52/unit.  The confining triangle ends at the end of July (Friday 29th).  In my view, breaches of the descending trend line, or the horizontal floor price could mean a larger move is imminent.  What will the outcome be in resolving the current view? And when?  Watching and Learning.