Sure looks like the double bottom has formed on the annual chart...

Sure looks like the double bottom has formed on the annual chart
14-15 and now 18-19
both times we have seen V WHIPSAW moves out and up
meaning the lows were unsupported and was oversold.

Short trades does not just include SHORT SELLERS who sell then buy back cheaper in future.
It includes day traders who buy and sell and dont hold at close
SHORT SELLERS who sell first daily on day trades or hold overnight to sell next day are dying here

SHORT BUYERS are making motza though
some may be the same traders & INSTOs, who go along with the flow up and down making money both ways, if it goes up they buy buy and sell sell at top and force it down down then buy at lows,
rinse and repeat

I think the real SHORT SELLERS are a minority of this 14% total maybe only 5% left
these are the ones who sold 80 - 30 and holding yet paying interest on the shares they sold, as the margin starts to crimp and the longer they hold the more interest they pay so if they are holding 12 months now then they will be paying interest on the "share loan"
If the actual owner want to sell & the broker got no shares left to loan the broker has to cover and buy to sell the shares of the owner while keeping the SHORT SELLER loan going

As the SP goes up toward their margins they are forced to cover or margin loan prices hit them as it crosses the interest and share prices so forced to BUY back the sold shares.

if you sold at 60 and saw 15 then 25 you think it might go to 30-35 so stuff it buy back and log the $35 profit now before it is $30 or less.
Many SHORT SELLERS who hold LONG SHORTS would have been shaken up by that 15-27 run and now again by this 18-23 runup
If it goes to 25-27 again these LONG SHORT SELLERS will likely cover the long held SHORT SELLS and book the gains & stop the interest accrual.

It seems a lot of shares were SHORT SOLD at 70-30 then again at 35-25
So we saw that run up at 27 easy last time as the margin crimped them to the 25-35 area.
So again some SHORT SELLERS got in again at 23-24 and 20-21 ledges then forced it down down so as it went up & hit their stop losses & margins at 20-21 or 22-23 they had to cover and cover FAST by BUYING.

This is why we saw a 200c run up yesterday at the 19-20 level&7 again a 300c runup today at the 21-23 level with the volume escalate
Seems there are some 1M-2M active shorts daily/overnight so as the price moves they cover or sell hence the higher volume

of the 14% = 27M held "short", it looks like most of these say 14M are held from 70-30 and maybe only another 7M held at 23-24 or 27-30 areas.
So this 7M has to be covered and looks like last 2 days & again at 23-27 last time some 5-6M of them covered but may have got back in at 20-22 but covered again last 2 days

This leaves around only 1-2M SHORT SELLERS that are held SHORT TERM ie 21-27
and these will be sweating and not holding overnight
their stop losses may get hit the next few days and have to cover.

In summary
the TA has turned green and reversal signals are blaring
the RSI is showing another runup is open and MACDs showing it may go back to 23-27 as long as it doesnt reverse back down again and if it does it may be a buying opportunity intraday.

I watch the IOP, FMG and overnight IO & US equities & listen to BD for direction.