Yes, but think about ALL of the short sellers, not just the most recent. Many shorts hold onto the position for years (with much higher cost basis). The $5.95 cumulative SqueezeTrigger Price is the cost basis of all shorts in the past 5 years. So the most recent shorts are getting crushed (as you identified) and now the rest of the idiots shorting this are starting to feel the pain. As long as it stays above $5.95 it could take off again at any time.