Wearing a flaming red cloak and mounted on a black horse, the King leaps over a wall of flames. The cloak is a symbol of dignity and position. It also represents protection. Its red color suggests confidence and courage along with power and willpower.

The horse represents unbridled or uncontrollable passions. Its black color suggests that which is unconscious, subliminal or subconscious. So taken together, the black horse might symbolize passions that aren't understood.

Flames represent purification and enlightenment. The flames appear to form a circle around the obelisk. As a wall, the flames represent an obstacle or problem that must be overcome. One possible interpretation of the black horse jumping over the flames is that something that was hidden becomes known.

The King wears the Hedjet, the white conical crown of Upper Egypt that was the symbol of Nekhebet, the vulture goddess of Southern Egypt. Nekhebet was thought to protect the kings of Upper Egypt.

Upon the King's breast are a winged sun and depictions of gods. These are further symbols of the protection afforded to the King.

Barrett says that the cloak covering the horse is decorated with both Eyes of Horus, although I only see the one over the horse's right flank. The right Eye of Horus represented the sun while the left represented the moon. Together, they represented duality in its many forms - solar/lunar, day/night, hot/cold, knowledge/the mysterious, etc.

There are hieroglyphs carved into the obelisk behind the King. I believe they are representations of various gods, although I can't make all of them out:
  • the solar disk represents Ra
  • the scarab represents Khepri
  • the seated figure represents Horus the Elder
  • the Uraeus represents Wadjet
  • the feathers represent Ma'at

I also see the ankh that represents life and wasn't associated with any one god as far as I know. So connecting the figure to the right of the ankh with the ankh might identify who that god is.

Doing a review of the Wands courts and their interaction with the suit symbol, the Princess is removed from the fire, the Prince is within the fire but could bolt from it if he so desired, the Queen is fully ensconced in the fire and the King has fully taken on the qualities of fire and so no longer needs to be contained/constrained by it and therefore leaves it behind.