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A climax, in the world of finance, is the conclusion of a prolonged period of selling. It is often accompanied by high trading volumes, forced selling due to margin calls, and negative market breadth. This phenomenon is also known as a "late ticker tape." A climax signifies the end of one of the final stages of a market decline, with a sudden and sharp reversal. Although the market may still retreat after a climax, it serves as a clear indicator that the bear market is nearing its end.