That rainbow around the throne speaks to the covenant w/ man (all flesh) through Noah (Gen. 9:11-17, Ez. 1:28, Rev. 4:3). Perhaps the bow of the first rider speaks to some 'false' covenant.
I see it as just part of the deception Standing Up, his coming to fulfil the covenant. He will appear as Christ complete with the prophesied rainbow, crown and white horse...whatever that is symbolic of.
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