WILL'S PAINTING IN DETAIL - STRANGER THINGS 4 PART 2

Will Byers painted a painting for Mike Wheeler where the friends were knights and wizards fighting a red three headed dragon. It looks like it is Lucas Sinclair riding the white horse. But they are actually hiding the knight on the white horse in every frame. Does this mean anything?
Scene where Will gives Mike the painting in Stranger Things 4 Part 2.
The heart of Stranger Things. Mike Wheeler is the leader with the heart. Will is the wizard.

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