I wouldn't be surprised if there has been some margin lending...

I wouldn't be surprised if there has been some margin lending clearing going on since the SP crash. Margin loans need to be settled next business day. The lenders to anyone caught out would then sell over the following days until all margin debts are cleared.

They wouldn't try to drive the price down like a shorter, nor would they risk trying to make a buck. Just sell them around the price the market will bear. This would explain why there was a fairly flat price period post SP crash.

Anyone selling now would be those who are cashing in trading profits since the crash. Anyone invested would use SP recovery to cover existing losses. Any investor who was looking to get in, and did post the price crash are sitting on a profit and must decide whether they are going to stay a while, or realise some profits.

Either way, I see the supply/demand for SLX shares to favour those who currently own them. This is not good for anyone who still has short positions. In theory, those with short positions should be out by now. With the SP slide and then crash, those with shorts should have made a bucket load. Only the greedy will be burnt by any SP reversal.

It will be interesting to see how far this can go. Only those who don't want the SP to recover quickly will be selling in the short term. This can go much higher, but the SP will be tested along the way.