What does black smoke from the Sistine Chapel indicate during a papal conclave?

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During a papal conclave, black smoke rising from the Sistine Chapel indicates that the cardinal electors have not reached the required two-thirds majority to elect a new pope during that round of voting.1

Conversely, white smoke is released to signal that a successful election has taken place. Once the smoke signals are clear, the senior cardinal deacon eventually appears on the balcony of St. Peter’s Basilica to announce the election with the Latin proclamation, ā€œHabemus papamā€ (ā€œWe have a popeā€).213