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In my opinion, the red horse was indicative of punishment inflicted by God through the shedding of blood (from which the horse's color comes), both in connection with God's judgment against Judah for its sins that caused it to be conquered and taken into exile, and with God's coming vengeance against the nations that were responsible for that captivity, due to the suffering that it inflicted on Judah -- which, as expressed in Zechariah 1:13-17, remained (despite God's judgment against it) a chosen nation into which the Messiah was eventually to be born. The sorrel horse (possessing a blending of shades) represented coming times of mixed fortunes that Judah would experience from the end of its captivity until the appearance of the Messiah. The white horse (representing purity and prosperity) indicated the eventual coming appearance of the Messiah, and the opportunity for Judah to have its fortunes restored, and to both be returned to the material glory that it had possessed under David and Solomon, as well as to achieve the renewed relationship with God that those who followed the Messiah would obtain.
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