What is in this image? Describe it as if you were explaining it to someone from the 15th century.

This image depicts a charming scene of a young elf astride a horse, rendered in a style fit for a tapestry or a woodcut from your era. The elf, donned in a jester-like pointed cap adorned with what might resemble holly leaves, reflects the winter festivity attire, perhaps akin to those worn during revelries or court entertainment in your time. The pouch slung over the elf''s shoulder and the banner in hand, akin to heraldic symbols, suggest a celebration or a message being carried. The creature beneath the elf is a well-proportioned horse, depicted in mid-gallop with its mane elegantly flowing. This playful representation suggests a story or a scene from a jovial narrative, possibly intended to capture the imagination or celebrate a seasonal event.