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In addition to all the above, and when you are 100% positive you have no short or open circuits, even if intermittent, and you still have ampere meter bounce, do the following: If you still have the original alternator regulator which is mechanical, take the cover off, which is held in place with tape, and carefully clean the relay contacts with fine emery cloth. Over the years they get pitted and no longer make a reliable good electrical contact resulting in random interupts to the field current to the alternator. I have cleaned the regulator contacts on my alternator regulator several times over the last 37 years. Once cleaned the ampere meter will not bounce.
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