Upright the Five of Wands is read as conflict, competition and the tension of several wills pulling in different directions, not always with real enmity behind it; reversed, as conflict avoided, an easing of tension, or the same friction turned inward.
Older cartomancy read a bare five of wands as disruption of the four's settled ground, general discord without the specific reading of competitive scrambling among peers that Smith's picture supplies; her staged mock-skirmish, with no clear winner and no visible injury, is what allows the modern reading to sit closer to healthy rivalry than to real hostility, a gentler note than the matching Strife title from both the Golden Dawn and Crowley would suggest on its own.
Waite's own printed meaning, imitation, a sham fight, simulated warfare, also work of no great importance, is notably milder than the sense of real stakes many contemporary readers now assign the card, and his emphasis on the fight's unimportance has been one of the more durable parts of his text, surviving into current practice largely intact.
Reversed, the card is read two ways that pull against each other, conflict resolved or conflict merely suppressed and carried inward, and readers commonly rely on the surrounding cards to decide which; the ambiguity mirrors the upright card's own refusal to say whether five staffs raised together mean real danger or none at all.