I just finished episode 8. IT WAS EFFING AMAZING! So crucial, and yet barely 50 words are spoken throughout. TP has proven to be ahead of its time once more. Overall, I had the feeling that everything makes so much more sense now.
Let's break it down:
1) EvilCoop was shot. Those charcoal hobos come to take his "soul". BOB is released once more.
2) "A time presents itself" and once again the infinite loop of doom repeats itself.
3) 1945: nuclear tests in the Nevada desert. This is a huge TSHOTP tie-in. Edit: I mean, New Mexico, not Nevada
4) Amazing, trippy, hypnotic spiraling through the fire ("Fire walk with me")
5) We are back to the Lodge universe. We see the infamous Convenience Store. The hobos are evil or tormented beings living around it, whereas superior beings such as MIKE "live above it"
6) EvilCoop wakes up, supposedly BOBfree. He is once again the Doppelganger we see at the end of S2
7) The Giant and a Victorian lady live in the B/W room, which is revealed to be a part of the Mauve Zone (a huge, purple ocean with a cliff)
8) An evil being (maybe Mother) creates BOB, who is ready to be let out in the real world again. The Saturn alignment probably occurs again and we're back in 1956 ("Is it future or is it past?").
9) The Giant sees this and probably understands that BOB needs to be stopped once for all. He connects to the White Lodge and conjures up the only one able to defeat him: Laura
10) The Giant's lady releases Laura into the real world. After all, BOB no longer lives in EvilCoop and "when he comes back you can go out"
11) Laura "reincarnates" in some kind of alien bug in 1956. The Black Lodge releases the hobos, maybe to stop her. Edit: could also be the other way around. The bug is BOB and the hobos help him out to find a human host by lulling the townspeople with a poem about water (water =/= fire). Thanks u/TheMoose65
12) The charcoal hobo makes a huge bloody mess. Laura needs a physical body and finds a teenager. The teenager could be young Sarah Palmer, now a Moonchild, hence explained her premonition abilities.