Two Ring-bearers
For the first part of this scene, Frodo and Bilbo are loving cousins. As soon as the Ring comes into view (literally), they become two competing Ring-bearers, with all that implies. Of course, the reason for posting these pics isn't to show what happens in the scene, but to look at how we know what's happening solely through Elijah's acting--without a word of dialogue.
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In the first set of caps, pic 1 is immediately before Bilbo says, "Oh, my old Ring..." 2 is immediately after, showing how quickly Frodo reacts. Once he has Bilbo in his sight, he straightens up more slowly until he reaches the position shown in 3, where he seems to be on guard but still not completely impersonal. He's concerned about where Uncle Bilbo is going with this, but he still recognizes Uncle Bilbo.
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Bilbo's statement about wanting to hold the Ring "one last time," dramatically changes things. Frodo glances down just long enough to start buttoning his shirt (4), but look at the eyes as he comes back up (5-7)! It's not just the fact that they're scary (especially 6, IMO), but that he gets Bilbo within his field of vision absolutely as soon as possible and keeps him there--for the rest of the scene. Frodo's final position after he's straightened up this time is shown in 8. The "loving cousin" has disappeared, and Frodo eyes Bilbo impersonally--Frodo doesn't care who this person is, he just cares that his possession of the Ring is being threatened.
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There are two Ring-bearers involved here, which is clear in this next set of caps--and what comes immediately after them. In 9, Frodo has started buttoning his shirt again, but there's no glancing down this time. The only way we even know he's doing it is that the shirt slowly closes. The farthest he drops his eyes is shown in 10; he never lets Bilbo out of his field of vision. In 11, he's almost imperceptibly started to raise his sight. What's mightily interesting is that this is the moment Bilbo chooses to attack--as soon as Frodo starts moving (almost unnoticeably) out of his most vulnerable position. In fact, it's in the very next frame that Bilbo lunges. He doesn't care who Frodo is, either--his only concern is getting hold of the Ring, so he attacks this hobbit he considers his son at his most vulnerable moment.
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Cap 12 is during Bilbo's lunge. The person Frodo loves most in the world is attacking him, possibly murderously. We might expect an emotional reaction to that--but there isn't one. This is a "rational," on-guard Ring-bearer whose only concern is keeping his advantage over the attacker. That's really who's still "in charge" in 13, IMHO, judging from the eyes. It's just that in 13 he's made the rational decision that it's best to back away.
It's only after Frodo has started backing away (so quickly that he's blurred in 14), and gotten far enough that the Ring's not within Bilbo's reach, that we see any emotion or alarm. In 15, we almost have Cousin Frodo back again, in the sense that he seems to recognize who Bilbo is--and is horrified by what Bilbo's just done. But, you'll notice the most important thing to Frodo there, and even in 16, is still protecting the Ring.
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The last cap (16) is one that shows a combination of emotions. Frodo's still somewhat in Ring-bearer mode in that he's protecting the Ring (through his shirt) and is on guard (he still hasn't let Bilbo out of his sight since pic 4). But now there's also shock, concern and confusion over what's just happened. And, just IMHO, Frodo's emotions aren't only about what Bilbo has done, but over his own response to it--something like the "What the **** was that?" moment of realization after he reacts to Gimli's striking the Ring at the Council. A deepening understanding of just how powerful this Thing is, and how strongly he's connected to it.
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