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I think we are supposed to think he died. By the end of the movie, the audience knows that wrestling is his life and that he has made the decision he would rather die doing what he knows than live a life that is empty and miserable. So yes, doing the signature move was dangerous, but I think he decided it was worth it. Did he die at that exact moment? That is unclear, but I think that last move was symbolic of the decision he made to go forward. We are to infer that wrestling will, at some point, kill him because he is not quitting.
We just saw the movie this week, and thought it was really good!
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