**Core Concept**
'Snow ball' opacities are a characteristic radiographic finding, particularly in the context of posterior vitreous detachment (PVD) or retinal detachment. These opacities are formed by vitreous gel or retinal pigment epithelium.

**Why the Correct Answer is Right**
The 'snow ball' opacities are typically seen near the ora serrata, which is the serrated edge of the retina where it meets the ciliary body. In the context of PVD, the vitreous gel separates from the retina, and as it contracts, it can form these characteristic opacities. The ora serrata is a common site for PVD due to the unique anatomy of this region. The correct answer is related to the vitreomacular interface and the specific pathologies that occur in this area.

**Why Each Wrong Option is Incorrect**
**Option A:**
This option is incorrect because the posterior vitreous detachment is more commonly associated with the 'snow ball' opacities than the other options.

**Option B:**
This option is incorrect because the retinal tears and holes are more commonly associated with the 'flame-shaped' retinal hemorrhages rather than the 'snow ball' opacities.

**Option C:**
This option is incorrect because the retinal neovascularization is more commonly associated with the 'cotton wool spots' rather than the 'snow ball' opacities.

**Clinical Pearl / High-Yield Fact**
The 'snow ball' opacities are a classic radiographic finding in the context of posterior vitreous detachment, and their presence near the ora serrata should prompt further evaluation for retinal detachment.

**Correct Answer:** D.