On 15min intraday chart we can see potential reversed head-and-shoulders formation with impressive target (ca.28800), formation neck is around 26400:
First of all - I'm not 100% sure we can draw it like that. Crossing the formation neck (also from crossing last intraday high) will give us buy signal in short term. Also remember, intraday formations tend to fail more often and we are still in bear market (regardless this week rally).
The US market rallied (Brian Shannon's video here) and that gives us buy signal on short-term. I think we can also say that pennant formation (from this post) has failed.
Is this the bottom? Unfortunately, we will know that well after the fact, currently there is still long term sell signal.
Volkswagen skyrocket about +81.7% (session's high) today (article here), raising the DAX Index +11.28% (chart thanks to Finanzen.net):
It seems to be result of covering short positions (here) - around 12.9% of Volkswagen shares were lend to for short positions.
Sources:
[http://www.iht.com/articles/2008/10/28/business/28vw.php]
[http://www.moonofalabama.org/2008/10/volkswagen-shor.html]
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