OK I don't intend to always be the first poster (other then introducing the images), but here my first input
We start erect, aware of the surroundings, alert.
We draw the fists up collecting power and pump yourself up using reverse breathing to aid doing so.
The moves that end in the forward palms in figure 4 are part of the dragon, and we do a sound "Hoh!" thats a bit of a "I got ya" intention. That also fits the happy feeling of the dragon. Nothing overly emotional, just an added flair to support the movement.
For applications, some of the major uses to me seem the forward cut aimed at the collarbone, also to free yourself from a bearhug (with sinking of the body simultaneously). Also shifting your body sideways in a catstance to evade an incoming fist and cutting his arm, including the elbow, which can be injured with the cutting finale move (chun bridge?).