Lyric discussion by DethAndNoncents 

Cover art for Wreath lyrics by Opeth

This song is definitely about someone who is constantly faced by depressing thoughts, confusion, fear, nightmares, haunting memories, etc. It could all be happening while that person is asleep or awake. All of the thoughts act as an endless cycle of repeated dismay, hence, the reason behind the song's title ('wreath').

Near the song's end, it seems that the individual's soul-searching is bringing some sort of relief unto him.. or it could just be a false sense of security brought by the new day that is beginning, simply a way to shield the fact that the nightmares could start up again at any time...