This is my analysis of this classic Odin image shown here.
The nine lines of the Valknut represent the nine worlds of Yggdrasil,the Cosmic World Tree of the North. It symbolizes the power of three times three. It is also representative of the three Norns (past, present, future - conception, gestation, creation - birth, maturity, death leading to rebirth). Nine is also the symbol of unity and completion. In Northern Lore, the Valknut symbolizes the eternal unity of the cosmos. It is traditionally the symbol of Odin, and is sometimes designed with an eye in the center. Viking warriors used the Valknut as a sign of Odin as God of Battle. The Valkarie chose Viking warriors for service to Odin in Valhalla or Freyja in Folkvangar after their honorable death on the battlefield. The Valknut is sometimes referred to as the "Knot of the Fallen" or "Chosen Ones" because of this. This can be used as a protective sigil.
The runes and associated meanings present in this graphic are Berkano (life passages), Raidho (journey), Elhaz (rune of the guardian - Valkarie - protection), and Dagaz (awakening).
The rest of the graphic is all symbolic of Odin with him sitting on his throne Hlidskialf, overseeing life in Midgard. He has the infallible spear Gungnir in his hand, on his arm I believe is Draupnir, the emblem of fruitfullness. The two ravens Hugin (thought) and Munin (memory) are featured whom communicated the happenings in Midgard to Odin daily. The two sacred wolves Geri and Freki are at his feet, Odin,s hunting hounds.... See More
I believe in the rune circle on his throne is depicted the rune Hagalaz in its snowflake depiction which represents de-evolution before evolution.
The lightening in the background represents the forces of chaos and entropy that exists in the cosmos, and challenges the will of all.
