The line "Both the bears, sitting in their chairs" refers to Ursa Major and Ursa Minor, which are constellations.

The line "And point to the north with dipping spoons" refers to Ursa Major and Ursa Minor also being called the Big Dipper and Little Dipper respectably.

The line "I hear the seven sisters whisper" refers to the star constellation Pleiades, which is were the song gets its name. The seven sisters refer to a Greek mythology story where seven sisters, the daughters of Atlas, are cast into stars because Zeus is protecting them from Orion whom is perusing them.

The line, "Oh the hunter and the bull" refers to two constellations, Orion the Hunter and Taurus the Bull.

The line "Are made full beneath the lion's mane" refers to the constellation Leo. The constellations Taurus and Orion are located beneath Leo.

The line "The brother twins each other lend" refers to the constellation Gemini. In Latin, Gemini means twin, which refers to the two twins Castor and Pollux from Greek mythology.

The line "They drink the wine of the new design" refers to "They" becoming a believer in Jesus Christ. Wine in the bible represents Jesus' blood and the sacrifice of Him dying on the cross for the worlds sin. In the new testament, the theme of "being a new design or born again" is often spoken about people whom come to know Christ as their Lord and Savior.

The line "That makes the broken-hearted whole" refers to how Christians feel when they become Christ followers. They feel that their heart has been completed with the love of Jesus.

The line "The dragon came as he did before" refers to Satan. In the book of Revelations, Satan is described as a dragon.

The line "Tempting all into his door" refers to how Satan tries to tempt people and the door refers to Hell.

The line "He wears stars as his disguise" refers to the constellation Draco which is of a dragon.

The line "But a second time he will not rise" refers to when Jesus returns, Satan will be defeated and will be no more.