Speculation re: shorting

During the past weeks (months) the following pattern may have been emerging:

1. Stewart Elliott bought some 8 million shares (high 20cents per share)
2. Following this, some 5 million shares were on the buy side at around the same price (all shares were bought).
3. Recently 5 million shares were wanting to buy at 35.5 cents (all shares were bought).
4. In the past few trading days 7 million shares were on the buy side at 35.5 cents. So far about 1.5million traded at this price.
5. During this time the average daily shorting decreased from around 55% to 31%.

Speculation:
while shorters have always allowed EWC shares to move higher (so that they could sell again and buy later at a lower price for a handsome profit), the recent appearance of large buy orders (up to 12.5million shares at 35.5cents) may be a tentative sign that (some) shorters may want to buy back (some of) their shorted stock. Time may not be on their side: Stewart Elliot’s purchase of 8 million shares, the imminent arrival of the 2 x 200mw Siemens gas turbines at Pagbilao as well as the recent appointment of Graham Elliot to the Board may all indicate that Stewart Elliot’s firm grip on the leadership of EWC is tightening……

While this is all speculation on my part, wiser heads in the hc community may wish to elaborate. Any comments are, as always, much appreciated.