My assumption was always that it was facing right, I didn't realize most people were looking at it as if it were facing left; that could certainly explain why I was not seeing some of the things people were suggesting.
I used to think it was a bull, but now I'm not so sure. If it is a bull, the hump is very large and stylized (which, of course, it very well could be). I think the hump may well be wings as some were suggesting, which suggests a griffin, dragon, or other legendary beast.
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