New entrants going long will be slow to form support as well as the fact that there are stragglers that came in on margin.
There are margin calls along the way that will cause selling on the up and down fluctuations due to over-buying as evidenced by the previous high volume, not all of which was short covering or day trades.
This will take time and is not for the faint of heart. The price can of course fluctuate greatly for an unknown period of time.
Any significant seeming selling later in the day will be due to the return of day trading shares or margin covering. We will likely see Fed Call margins covered late for the next (2) days on this one where selling was not yet forced.