Many of Picasso's erotic compositions of the 1950's and 1960's depict a female openly displaying her anus and vagina. In some these depictions, the details are often inverted, with the anus appearing above the vagina.
In the 1934 drawing there is a similar inverted vagina and anus configuration concealed in other elements of the composition. The vagina can be seen as the flame-like shape in front of Olga, the right hand figure. The anus appears above it as the black circular form.
This black circular form, also represents the eye of the massive bull concealed on the right. It also represents the bloody end of the painter's severed arm.