The trailer for Episode 5 of HBO’s Game of Thrones is short. However, thanks to just a moment of airtime, viewers have more questions than answers are Euron Greyjoy (Pilou Asbæk) is intrigued by something in the sky.

SPOILER ALERT: This article discusses Episode 4 (titled “The Last of the Starks”) of HBO’s Game of Thrones. Please proceed with caution if you have not yet viewed this episode and wish to avoid spoilers.

In Episode 4 of Game of Thrones Season 8, Euron caused massive destruction using his fleet that was weaponized with giant dragon-killing crossbows. And, that’s exactly what he did — kill a dragon. However, the Episode 5 trailer shows Euron gazing skyward and seeing something that he was not expecting. This has led to much speculation.

But, what is he looking at? Here’s are the most likely things.

Rhaegal Is Still Alive

It looked pretty decisive that Rhaegal had succumbed to the multitude of bolts that hit him. After being struck many times, Rhaegal plummeted into the water and quickly sunk.

However, some fans believe that Rhaegal survived this attack. While some fans believe Rhaegal will return, injured but alive, there is another way in which the dragon could return, according to Bustle.

This Game of Thrones fan theory sees Rhaegal returning but thanks to Bran’s (Isaac William Hempstead) warging ability.

So far, Bran has used his warging ability to help out in situations as required, so viewers know he can easily do it now. However, will he be able to warg into a dead dragon and lift it up from its watery grave?

Drogon Is Wearing Armor

Another fan theory sees Drogon wearing armor in Episode 5 of Game of Thrones Season 8 and that is why Euron Greyjoy is startled as he gazes skyward.

Many fans have been wondering why Daenerys hasn’t attempted to armor her dragons since she lost Viserion to the Night King (Vladimir Furdik) in Season 7. Now that another dragon has died in battle, Game of Thrones fans on Reddit wonder if Drogon will appear in armor in Episode 5.

While armor seems like a good idea, other viewers also point out that armor might be heavy or inhibit Drogon’s ability to fly. In addition, while armor might protect the dragon from some shots to his body, it wouldn’t have protected Rhaegal from the shots that hit him in the wings and neck.

Baby Dragons

As previously reported by The Inquisitr, some fans are questioning whether there are other dragons or dragon eggs in Westeros. While it was suggested in Season 1 of Game of Thrones that Dany’s dragon eggs were the last of its kind, it doesn’t actually mean they really are. In addition, author George R. R. Martin has gone on the record to say that the dragons in the Game of Thrones universe are gender fluid so it is possible Dany’s dragons may have laid or hatched eggs. Which means the potential is there for Euron to be witnessing baby dragons flying in the sky.

However, as per usual, viewers will just have to tune into the next episode of Game of Thrones to find out the answer.

Season 8 of Game of Thrones returns to HBO with Episode 5 on Sunday, May 12, at 9 p.m. ET.