I think more how Dante is seeing that scene is Cloud stabs Sephrioth believes he his finished then goes back to tifa to administer what ever first aid he could.
Sephrioth then walks out, at which point zack tells cloud to kill sephrioth which cloud goes out to do. Cloud is wounded but manages to toss sephrioth. That is how I understand what Dante is saying.
Continue posting away, I like reading this topic even if I generally don't have anything to add.