AMC - Breaking out

This has bounced nicely off 61.8% fib at 6.1p and could be started a wave 3,
hopefully heading to 14p with resistance at 9.3p & 12.25p.

Could wave 3 extend to the 2.618% fib - 19.5p.

dl.dropbox.com/u/43650856/AMC%20-%2022nd%20Jan.htm

I think this stock is worth watching over the coming weeks and months.
From a fundamental perspective much hinges on the long awaited granting of a license to mine.
This now looks highly likely given recent RNS and appointment of Rosnedra.
Could come in 60 days, or certainly Q1 2013.
The SP spiked to 22.25p the last time license looked close.
In the meantime, the company has made significant progress on its resource, with new numbers due to be released in Q1/2.

IF (big IF) license is granted, then this should get into blue sky territory.
Edison notes (FWIW) target 71p-88p 'base case' based on 2007 PFS numbers (soon to be revised). They mention 132p as a fanciful target should the revised resource deliver to the upside.
Only 350m shares in issue and M/Cap at 8p is just £28m.

SO ... question for the Fib experts ... what Fib extensions should I target if this breaks into blue sky?

(Note: SP might slide back to 6.8-7.2p before heading north again.)

(Note 2: I hold 500k shares at 4.8p)

This is high risk - very high reward share but it seems to have broken out of a triangle and significant resistance.. M/cap of £20m with a £1 Billion resource..

Zoomed out
dl.dropbox.com/u/43650856/Amur%20-%2024t...d%20out%20view...htm

Zoomed in
dl.dropbox.com/u/43650856/Amur%20-%2024t...ed%20in%20view...htm