The question is how far it can go, where it will stop? Based on the Fibonacci applied to the corrective wave down after the breakout the nearest resistance is located near 327.2% level, which is also close to the high produced in June. This makes $3.38 quite a strong resistance which should be paid attention to.
Break above should result in uptrend continuation sending NMC/USD even higher towards $5 psychological . The final upside target for the current wave is seen in the area between $4.5 and $5. Current support is at 127.2% level, that is $1.9, and only break below could invalidate outlook.