What I love about this card (well, one of the things I love about it) is that the usual perspective of the card is turned around. In the RWS, we see beggars in the snow, outside a lighted church window. It's often interpreted as loss -- financial loss, loss of health -- or loneliness, emotional destitution.
In the Fey, the perspective is inside the room, as Riccardo says. The shadowy figure is on the outside. And it could be something scary, or something wonderful, or it could be simply a lonely little monster, wishing it could come in and warm its soul by the fire.
Miyazaki references again: It reminds both of the Totoros (which are powerful earth spirits) and of the No-face spirit in
Chihiro -- who is lonely and confused, and becomes quite scary when he doesn't get his way -- but who ends up just needing a friend and a home.
Another association for me (and why I tend to see it as a lonely little monster) comes from a workshop I did in the late 80s with Starhawk. She did a sort of guided meditation thing, where we envisioned the part of ourselves that we feared. Mine was a very powerful visualization of a hideous, cowering little creature. Then through the guided meditation, she was transformed into a beautiful young woman (who was me). It was an incredible experience, and I tend to regard little monsters with much more compassion since then...
