[KOTLP]

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First, what did the dead (stingray?) represent? It had to be more then just a reason for them to go to the beach.

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I'll give this one a shot. Throughout the film, Fellini paints a distorted view of christianity - the Jesus statue being flown in during the opening sequence (with one helicopter stopping to flirt with girls), the false miracle, etc. The fish is, of course, a major symbol of christianity. Note that each episode starts in the evening and resolves itself at dawn. After a night of orgiastic partying, it's only fitting to end the movie with Marcello and the sweet lifers casually staring at a big, ugly, dead fish.