The lyric is mostly a narrative. It describes two characters. The first three (mostly the first two) are the narrator describing his/her self. The other character is the rocking horse. The interesting part is the third and fourth stanzas. Here the narrator describes the rocking horse. But in the last two stanzas there's an ambiguity in the presentation of the words. We don't really know which of the characters is speaking at this point. This is a key mechanic; and a rather popular one in both blues and rock music. Whenever multiple character traits start to cross the writer often times is drawing a comparison between them. The big blank space open for interpretation is what you think the rocking horse is supposed to represent. Honestly though, I think its pretty clear.
The lyric is mostly a narrative. It describes two characters. The first three (mostly the first two) are the narrator describing his/her self. The other character is the rocking horse. The interesting part is the third and fourth stanzas. Here the narrator describes the rocking horse. But in the last two stanzas there's an ambiguity in the presentation of the words. We don't really know which of the characters is speaking at this point. This is a key mechanic; and a rather popular one in both blues and rock music. Whenever multiple character traits start to cross the writer often times is drawing a comparison between them. The big blank space open for interpretation is what you think the rocking horse is supposed to represent. Honestly though, I think its pretty clear.