Thanks a lot of the reply and the info. I called to M&M and have my booking on hold for 4 days.
Given that award flight availability seems to be decent for my destination, I was thinking that, instead of confirming my booking, I can make a new booking in a couple of days and put it in hold again, while the existing one gets cancelled. This could give me additional "free" flexibility as I get closer and closer to the actual date of flight.
Is such a strategy common when a flight is in a couple of weeks from now, or will M&M not like it?
Many thanks again!