I would like to suggest that no analysis in the arts can be "formal," as is the case in the natural sciences. Thus, I would like to recommend an article, if this is still a timely response, called
"The Painting of Pablo Picasso: A Psychoanalytic Study" in the College Art Journal, Vol. 7, No. 2 (Winter, 1947-1948), pp. 81-95, written by Daniel E. Schneider.
Without a vast knowledge of Picasso's work, some of my own observations include the following:
This work of art was one of Picasso's early cubist creations. The only aspects of this art piece that are not cubes are the girl's eyes, hair, breast, and mandolin. This contrast is a kind of mixture between carpe diem (sieze the moment) and limit-experience (moments of ecstasy and trance in the philosophical sense) in which Picasso captures in a work of art that has no movement but the movement that we create in our own understanding of it.