This is a pictograph of flowing water. It is the noun stream. The symbol shares a common root with the Chinese character quǎn 𡿨.
Illustrative Text Reference:
Mohenjo-daro: Tablet in bas-relief: M-452 A: Jagat Pati Joshi and Asko Parpola, 1987: Corpus of Indus Seals and Inscriptions: Volume 1: Page 111: Collections in India: Suomalainen Tiedeakatemia.
Image Credit:
Indus Script Sign Number 2851: List of Sign Variants: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.