IMO the bull party is over. What can be seen in the charts is the topmost Elliot sub-wave, with it's 5 sub-sub-waves, although the last one is about to begin,
and may be ill defined. I am certain that a correction is coming, dropping the price to the 112 - 114 range, followed by a (slow?) rebound to maybe 117 - 118.
The uber-bulls are going to interpret this as a bear trap, but I believe it will be the prelude to more drops, after a couple of days.
We can see declining volume on MtGox over the last 4 days, with the pattern following an ascending triangle (up towards 125). I would say that is more bullish than bearish, tbh.
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:ascending_triangle_cThat said, it has been a steep climb, especially on Bitstamp and maybe we are in for a breather. I'd like to make a trade or two over the next few days, but holding still seems to be the most obvious plan for me atm.