Evaluation of the above: this was absolutely perfect analysis of the riddle (of course there are places where further clarification would help more, but as it is, I cannot find any flaws in the analysis). I don't have anything to add to that and comment on. The "thinking aloud" and analysis of why something might mean something and what could it be and all the questions are also going in pretty right directions. So the only thing that remains is basically to find the concrete and specific subject(s) of the riddle 
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"Should the story say 'he ate bread,' the dramatic producer can only show 'a piece of bread' according to his taste or fancy, but the hearer of the story will think of bread in general and picture it in some form of his own." -On Fairy-Stories
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