The total short interest for TEM is approximately 30 million shares. Even with a daily turnover of 20 million shares, a large portion of the intraday trading volume consists of retail investors chasing highs + institutions accumulating positions + intraday high-frequency market-making trades. The actual short covering buy orders might only account for a few million shares. Based on the usual daily average trading volume of 3–5 million shares, it would take shorts over 8 consecutive days of uninterrupted buying to fully cover their positions. These three days of explosive volume and price surge have only digested less than one-third of the short positions.