It’s one of the biggest emotional moments of the Stranger Things 5 finale. Mike Wheeler weaves a tale about what may have happened to Eleven, who most of his friends believe to be dead. As he tells the story, we see footage of Eleven walking up a beautiful cliffside. A cliffside that, the show has set us up to believe, will culminate with the reveal of three waterfalls. As the story reaches its peak, so does Eleven, and the camera swoops by to reveal… two waterfalls.

In the days since the finale of Stranger Things aired, I’ve been arguing with friends and family about this moment. Mike and Eleven, specifically, fantasized about going somewhere with three waterfalls. The show even reminds you of this 20 minutes before the reveal as Mike and Hopper talk in the town square.

“I had this plan,” Mike says. “Me and [Eleven], we were going to go someplace far away, and no one would find us. And I said this thing about going somewhere with three waterfalls. I don’t even know if she believed me. Who would? Three waterfalls? It’s so stupid. Childish. It was a fantasy plan.”

So then, why does the big, final moment only have two waterfalls? Well, because maybe there was another.

Clearly, there are two distinct waterfalls in the final shot. But another one may have been revealed seconds earlier. Upon rewatch, two shots earlier, Eleven walks up the cliff, and there is a mysterious white marking on the rocks in the distance. It doesn’t appear to be active, and there is a blank space, suggesting water hasn’t fallen there for a long time. But it could, potentially, be that mysterious third waterfall. Here’s the image.

Another possibility is staring us right in the face. In that final image, if you look to the right, partially covered in shadow, you see what appears to be a thin, tiny sliver of white. Could THAT be the third waterfall? Or even a fourth?

Fans quickly figured out that this footage was filmed at the Háifoss and Granni waterfalls located in the Þjórsárdalur valley of Iceland. Travel bloggers have been all over the reveal, and while most acknowledge there are really only two waterfalls there, some do mention a nearby third waterfall called Hjálparfoss, which is “a short drive away.” That probably means it’s not one of the other two possible waterfalls seen in the show.

Now, it’s possible, however unlikely, that the show’s creators, the Duffer Brothers, completely forgot this key piece of information they gave us and only showed two waterfalls. Or, more likely, they expected fans to see one of those other white specs and count that as the third waterfall, completing Mike and Eleven’s fantasy.

Here’s the problem, though. Whether there are two, three, or even four waterfalls should not even be a question. Stranger Things has made it so clear that Eleven would want to go somewhere with three waterfalls, leaving it in doubt at all feels like a huge mistake. The two main waterfalls are so clear and beautiful. Undeniable. Why leave the third one up to chance? Couldn’t they have found somewhere else with a clearer third waterfall? Or, should they have used some of their sizable budget to digitally enhance this real-life location?

But maybe that’s the point. Maybe the fact that there are only two visible waterfalls is on purpose. Remember, Mike’s story about Eleven is not meant to be taken as fact. Maybe it’s true, maybe it’s fantasy, and the Duffers have been clear that they want the viewers to decide whether or not we believe that Eleven is alive or not. So, maybe the fact that Eleven is at a real place that so closely approximates (and might directly duplicate) Mike’s fantasy is proof that she’s alive. Or maybe it’s the opposite. That there aren’t three clear waterfalls is a hint that this is all a story, and she’s gone.

Much like Eleven’s ending, we think it’s up to you. Do you choose to believe the third waterfall is seen in the earlier shot? Is that other sliver the third waterfall? Do you go by the real location or what we see on the show? Personally, I think there are two, because those are so obvious in the moment. What about you?

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