Any long time traders here with blow off top experience?
By definition, you need a high volume top, followed by a high volume drop (next day or so), according to what I've read. There's a lot of volatility today, and the market is flying now over 70, now over 80, and Bernanke hasn't even spoken yet.....This is unreal.
Let's face it, this is definitely bubble proportions, now it feels like 1999 all over again.
It is not necessary for the volume to be all in a single trading session, nor for the blow off to occur in a single session. Watch for buildup in average volume, possibly followed by daily decrease as top is approached. Example: SGU 2/5/13.