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The pit represents hell and terror of the unknown, as the narrator describes his near fall into the abyss and his fears at what actually lay at the bottom.
The pendulum represents approaching death, acting as that of a clock's pendulum marking one's limited time before "the scythe" (also a symbol of death) strikes.
The shouts of soldiers approaching to deliver the narrator from his fate symbolise his redemption (literally, 'being bought back' or 'salvation') from the hands of his enemies..
For the historical context of the story, see the reference below.
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