IndirectThreadedCodeSlideshow17 IndirectThreadedCodeSlideshow19

W points to UNNEST now (because that's what was under IP before). IP, after being incremented, points now into the limbo behind the end of HILEVEL2. But that is ok, because we won't read or write anything there. The first address in UNNEST points to the second address in UNNEST, which is where program counter will be set to now.