Sounds like there's a lot going on here. I can sort of imagine a real fight happening in this song. A little back and forth chatter and sizing up of one another. At 1:47, several rapid hits begin to happen on both sides, but nothing serious. Things slow down a little until about 2:42 when attacks start to become more focused and meaningful. At 4:27, you got that mid-battle banter where neither one is doing much more than commenting on the other's moves and how they think it will end, and then things wrap up from 5:15 onward as they unleash everything else they've got left to give.