Smith-Waterman traceback with large gaps
This question is based on a misunderstanding. The Smith-Waterman algorithm calculates the best local segment. You have to start at the $max(H_{i,j})$ point and run the traceback as described. It will (most likely) return only a local segment that, however, has the maximum value in terms of alignment score.
To get a global alignment, another algorithm has to be used. Needleman-Wunsch would be an example.
The difference between local and global is that a local alignment only alignes a subsequence of the provided sequences whereas a global alignment gives the best alignment of the whole sequences.