Panel 2: We discover the answer to Detective Fine’s question from Chapter I. Blake does not black out before hitting the pavement.
Panel 3: The caption “curtains” is on a scene that, colloquially, fades to black – though in this case it fades to red – as if a curtain were being dropped on the end of a Broadway show, representing the bloody end of the Comedian’s life. It also transitions into
Panel 4: as we have a close up shot of the red roses. The rain on the roses almost looks like tears.
Panel 6: The fact that Rorschach takes a rose for his lapel exhibits more humanity than we have seen from him thus far, and gives us insight into the fact that he had great respect for the Comedian.