<p>This is an <img src="/url" alt="image">.</p>

<p>This is a tricky !<img src="/url" alt="image">.</p>

<p>This is another tricky case: !<a href="/url">not image</a>.</p>

<p>This is a reference <img src="/url2" alt="image">.</p>

<p>Terminating !</p>