Panel 1: As Elly helps her get ready for the day, Liz projects her own wanting to do something she's too chicken to do and roast people without let or hindrance on the blank canvas of her classmates and thought-bubble that everyone at school is going to tease her.
Telling her that this is not going to happen is useless because she'll seize on the malice of the assholes of the world as proof that everyone hates her.
Panel 2: Since she first started thinking that she was ugly when people stopped letting her trade on her looks, she avoids looking at people because she bets they think she looks stupid.
This means that she is more than likely making an outcast of herself the same way her creator appears to have. She's so down on herself and so afraid of what other people will say, she's cut herself off from a world that might possibly hurt her. This leads to her not understanding why people call her a stuck-up little twit all the damned time.
Panel 3: An hour later, she observes that despite being the ugliest, stoopidest looking kid EVAH and totally not someone completely non-descript, nobody's actually said anything.
A normal person would come to the conclusion that she'd misjudged the people around her and that she was worried about nothing. Guess what Liz does?
Panel 4: If you said "Unhinge her jaw and yell 'CAN'T YOU SEE I'M WEARING GLASSES?'", you'd be right on the money.
Summary: A Panel 5 would surely have Liz be baffled and angered when someone told her "Yeah. So what?" because she's invested a lot of mental capital in trudging through life whining that being
Ah, well. Comes Monday, we'll have more of Mike being a turd who can dish it out but cannot take it.