I think the chart is looking bad because default is '12 months' option on shortman, select the 1 month option then it will not look that bad. Infact you will see that shorts reduced by 139K between 10th Feb and 11th Feb.
I tried to track ASX gross shorts and Shortman (I don't know how to reconcile though) and see if it helps. Please DYOR (i don't know how to get any good understanding or view based on this, just something prepared in the hope that i might understand something).
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I think the chart is looking bad because default is '12 months'...
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