This was one of my favorite panels. The cliff face is directly above the confluence of three nice sized drainages.
Below is a close up showing the image of arms help out to the side and wavy lines extending across the picture. It doesn't take much imagination to see that the arms were once connected to a body that has ironically been dissolved by water running down the cliff face. Often times these wavy lines indicate water and so this image looks like a figure standing in belly button deep water.
Given the location of this image at the confluence of three drainages it is not a big stretch to suggest that this figure was made to warn people of high water. Below is a flash flood sign taken from a National Park web site. There are just a few similarities between the ancient rock art and the modern traffic sign.