I hate to be the bearish guy, but if this formation does in fact complete with a rejection at the red level (left shoulder level) or worse, orange (right shoulder level) we could be looking at a trend reversal and lower prices for the rest of the year. I'm not bullish until I see ATH broken here.
Both recent drops resulted in a multi-day consolidation period with another move UP. If this pattern repeats itself, we are likely to range here between $375-$400 for over a week before going back up. Daily close under the lower red line would invalidate this setup.