NTIVFF, I can see where you are coming from, but look at it this way, after every "new" high in activity there is a big move shortly after it.
I have added some visual to the graph to show you what I mean (hope you don't mind). You are right when you say that it was at a very high point just before the fall in mid 2008, but it does not appear to be a new high.
Move 1: $450 -> $700
Move 2: $750 -> $1000
I think we will see this move go from $1000 to at least $1300.
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