Interesting observation in my view. Sitting here like a bystander since only having 100 shares left, I see the what may be the strategy being employed to skirt the rules of naked shorting.
Nevertheless..it is manopulation IMO.
Those entities involved are both buying and selling during the same short time frame by selling and buying in short time frame increments such as minutes even As long as they sell more than they buy during that period, the SP falls mainly because there is no other outside interest to counteract this.
Naked shorting being allowed really helps this process in fact is abetting it.
They are thus never really highly exposed to massive short position..all with the assistance of naked shorting..
"Naked short selling can increase the manipulator's profit. A short seller, who profits by buying the shares to cover her short position at lower prices than the selling prices, can drive the price of a stock lower by selling short a larger number of shares."