The first handler receives the disc, the stack sets up.
The second handler makes the line cut, which if being forced (not in this case) the pass is made and there is continuation. The front player of the stack comes back to take the disc acting as a dump/swing.
The original second handler now clears out to the back of the stack. The first handler now makes a line cut (again if on this option is taken). The new front of stack makes the cut under, to become the new handler.
The original handler either clears out to the back of the stack or makes a long cut. The player marked "3" in this case now makes the line cut (which we will now take to be on). While the player at the front of stack again cuts back.
As the pass is made, the long cut option now becomes another option of continuation.
At this point either a scoring pass to player "1" can be made (with a glorious lay-out for good measure), or the swing can be re-set (with player "4" running to the back of the stack)