This card as usually presented shows a man in motley striding along, heedless of the dog which tears his garments and threatens to attack or warn him. If he was willing to pay attention to the lesser danger, start looking down to malkuth/Assiah/Earth instead of focussing solely on the heavens, where he manifested from, he could avoid the greater danger of falling own the cliff.
In the Golden Dawn pack an effort is made to reveal the deeper meaning. A naked child stands beneath a rose tree bearing yellow roses - the golden rose of joy as well as the rose of silence. While reaching up to the Roses, he yet holds in leash a grey wolf, wordly wisdom held in check by perfect innocence. The colors are pale yellow, pale blue, greenish yellow- suggestive of the early dawn of a spring day.
The rose is a symbol of venus, love, and he gifts it freely to anyone without further examination, trusting in the good of people.
The sun takes a prominent place in this picture, as it represents the expression of the self in the zodiac and relates to the higher self the fool is connected to.
However, the fool doesnt look directly mind the sun, which also stands for illumination of mind and path to see the dangers ahead, but looks to the left.
The staff (symbol of devine energy) travels from the sun (symbolizing the heavens or the zodiac) to the left toward the fertile earth, which has been given form. If we consider this Chokmah - Binah correspondence on the Qabalic Tree of life we notice the fool is actually looking toward Keter and trying to cross the Abyss to be one with the One God.
He needs to be mindful of Binah (Saturn, Capricorn, Satan) to not fall to his death.
Also we count a total number of 9 roses. 9 being a number of Mars we can establish a mars venus conjunction representing fertility, the reconsiling of paradoxes into ONE. The Fool is the equilibrated conjunction of Mars(Geburah) or Venus(Netzach) in Tiphareth(Jesus, the sacrificial God and closest image of god the mind can comprehend). Ironically through it's sacrifice Tiphareth can become one with it's father, Keter, where it originated.
Did I miss anything?