easy · Order Flow Analysis absorption-exhaustion-imbalance

What is the primary implication of 'Exhaustion' when identified at a session high via a small print?

1. Sellers have completely withdrawn their offers, allowing price to move up easily on low volume.
2. The market is preparing for a high-volatility breakout as participation reaches its peak.
3. The last aggressive buyer has transacted, and there is no further interest to push price higher.
4. A large institutional buyer is slowly scaling into a massive position using an iceberg order.

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