Short summary: a bunch of dancing, a lot more weirdness, a lot more creepiness, and a dark ritual.
So, when we last left off, Arlecchino was placed in "Bedlam Hospital," a mental institution. There, he's regularly beaten and starved (which is pretty much what he deserves after what he did to Colombina), but he also finds some sort of book of witchcraft or something (it's very vague - at one point, the book just seems to appear on the frame).
The Harlequinade has started now and the Herleking is walking around with one of those foreign dignitaries called the Pale Prince (a very creepy faceless figure in what looks like a suit). At least, I think his name is the Pale Prince - the others call him by a variety of names. "Oh pale prince," they say, "oh faceless friend of fire and forest! We are humbled by your visit to our territory." What is creepier is that the Pale Prince doesn't say anything to them at all - he doesn't even talk.
At this point, Arlecchino uses black magic to escape Bedlam Hospital (I think - he disappears and reappers, like a jump cut). Later, the dancing starts and the Herleking proclaims that since "she is rising" this will be their "last masque." In the balcony above the dancing, Arlecchino appears and starts some sort of dark ritual.
And then we cut to Colombina's dead body on a wooden slab. There's like a chorus of dark figures in the background singing this creepy song. It goes like: "The worms crawl in, the worms crawl out, the worms play pinochle with your snout. They eat your heart, they eat your soul, they eat you up and leave a hole."
As this creepy song is being sung, these weird strings rise up around Colombine's body and wrap themselves around her. They cover every inch of her flesh. Then she starts to move.
No credits again.
Analysis: I really do not know where to begin (and, frankly, I don't want to). But, for some reason, it's kind of fascinating watching it. I'm sort of hooked on how just plain weird it is.