The stack
Top to bottom, the major blocks: a warm rust-maroon rectangle up high, a paler bridging band, and a deep blue-violet block below, all set on a blue ground
The whole "subject" of the painting is these few soft slabs of color and the room they make between them. There is no figure, no horizon, no object anywhere in it. Read the blocks in order, top to bottom, and you have seen essentially everything that is depicted: the picture is the stack and the field, and nothing else.