"It comes, yes it comes!"
Translation:Eljön, igen eljön!
The usage of megy and jön is a bit different in Hungarian than in English. Shortly said, it's 'coming' towards you, 'away' from the place it was before.
Yes, it can be either, or both.
Come away from the fire - Gyere el a tűztől
Come over to my place - Gyere el hozzám
And of course you can combine the two:
FROM - TO:
Come to my place from school - Gyere el hozzám az iskolából
Note, "el" is used only once in this sentence. It is used at whichever part is more emphasized.