It looks like the clown has fallen off the horse.
The sad clown fell off the horse at the State Fair rodeo.
The clown may not be sad he fell, and it may not be a state fair rodeo that it happened at.
Falling off a horse won't necessarily make the clown sad, and one does not have to be at the State Fair rodeo to fall off a horse.
Just because it looks like the clown has fallen off the horse does not mean the clown is sad or they are at a State Fair rodeo.