As I understand it, and I may be wrong, in order for a short squeeze in the true sense to occur, there would have to be many more shorted shares such that the days to cover would be many days, not a fraction of one day. We saw a true short squeeze last year leading up to Battery Day, when the days to cover was I think around 5-7. That's partly why we saw several days of record trading numbers. 

Recently LAC hasn't been a short target, which is why the short % of float is so low. The recent upward movement is more likely just FOMO as the weak hands re-establish. 

Just my thoughts.