Where to run "opatch prereq" for January 2013 PSU?

I have unzipped the Jan 2013 PSU for database under /local/oracle/working/14727310.  The contents of this directory are:total 138
drwxr-xr-x   7 oracle   dba           10 Jan 24 13:48 .
drwxr-xr-x   3 oracle   dba            3 Jan 24 14:24 ..
drwxr-xr-x   4 oracle   dba            4 Jan 24 13:48 13343438
drwxr-xr-x   4 oracle   dba            4 Jan 24 13:49 13696216
drwxr-xr-x   4 oracle   dba            4 Jan 24 13:48 13923374
drwxr-xr-x   4 oracle   dba            4 Jan 24 13:48 14275605
drwxr-xr-x   5 oracle   dba            5 Jan 24 13:48 14727310
-rw-r--r--   1 oracle   dba        54620 Jan 24 13:48 README.html
-rw-r--r--   1 oracle   dba           83 Jan 24 14:25 README.txt
-rwxr-xr-x   1 oracle   dba         2871 Jan 24 13:48 patchmd.xml

The PSU README.html says to change to the 14727310 directory and run "opatch prereq CheckConflictAgainstOHWithDetail -ph ./".  In my case, which of the following directories should I run it from?
/local/oracle/working/14727310
or
/local/oracle/working/14727310/14727310