It wouldn't it make more sense to rely on actual events rather...

It wouldn't it make more sense to rely on actual events rather than the charts? Early stage market resource valuation is simply a series of rough guesses about the likely size and grade of a resource. What has followed has in broad way vindicated those hunches, but from now on it will depend on particular events, resource definition and qualitative factors like any announcement about off-take partners, who they are and what their market reputation is. The charts will not say much about the phosphate price either which will interplay with the unfolding scale of the deposit plus any side news about the Reward joint venture and potash prices.

Charting offers a short cut pyschological satisfication by seeming to offer reasons and reality, but it works a lot better when there are thousands of semi-informed buyers and sellers in big stocks whose assumptions about pricing tend to lump together. In this case there may be 150 followers of Rum varying greatly in size from small cap fund manager to the $2000 trader.