red dots over the crosshair and a beep indicates that rockets are locked.
Crosshair: After retailing for $145.00, you can now expect to pay just $45.00 for this style.
If it still shows a red crosshair, he is still alive.
Luckily, the crosshair will 'lock-on' to a close enemy so you're not over-compensating the target.
Hitting L2 and pointing your crosshair at an area commands your squad to 'go there', 'cover', or 'attack'.