Fundamentals Are Strong, page-294

A couple of quick comments
People who bought at the Lows aren't necessary all traders . I for one bought 185k shares from 92-95.5.
Some of these purchases would have been long fund managers . Others could have been shorts closing . A common reaction to a medium term downtrend is questioning the uptrend when it is underway. Standard psychology that results in many missing turnarounds. The higher it goes from the last bottom the more they are unwilling to buy or wait for a retrace, one thus sometimes never comes.

Also I trade with a professional trader platform that uses live feeds. I can tell you that 200-300k shares on the buy and sell offen just dissappear or can move from sell line to buy in a split second so my view is look less at the depth and more at the trading action . The big crosses now that the trend has shifted is a big clue imo