Heh, absolutely. Just like you said, the first time he (as well as the middle pig) just thought it was an unfortunate accident involving the rope and probably loose rocks. The second time, I'll bet he thought something really weird was going on which is why he got so understandably nervous! Maybe he thought his buddy lost his footing too... just like you said, a strange and extremely unfortunate coincidence! Heh, talk about bad luck!
And then he continues climbing very carefully (obviously) until he gets to the "dreaded" part and he makes it through that, all happy and jamming to his song (hehe,
).... and then the boulders come, ha. Whooo, talk about an emotional roller coaster in that sketch!