How to interpreter single line if else if else condition in Python

I have three different answer for holiday_type

holiday_type = Approved
holiday_type = Confirmed
holiday_type = both

Python Code:

 result = ['confirm','validate'] if holiday_type == 'both' else ['confirm'] if holiday_type == 'Confirmed' else ['validate']

Result:

['validate']                // Approved
['confirm']                 // Confirmed
['confirm', 'validate']     // both

I can't understand how to compile this if else statement, which one first which one second, can you please explain how to compile this condition flow.