Just an observation but Dec 2011 to May 2012 looks like an M1 T1 M2 (which didn't take off) T2 phase but didnt result in the anticipated blow off M3. Could that be because PEN was lagging behind in anticipated announcements and timelines i.e resource upgrades, funding and permit announcements ?
To me it looks like the accumulation phase A1 is May 2012 to Oct 2012 and we are now on the cusp of an M2.
Just an observation but Dec 2011 to May 2012 looks like an M1 T1...
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