Speculah:Ending Analysis
The ending sequence first appears in Episode 3. Remember that maybe what's shown in this ED won't actually happen in the anime itself, like the opening suggesting it's a happy-go-lucky magical girl story while it isn't that happy.
The light of love
The ending begins by a spiraling view on what appears to be clouds, that then turn blue
while the camera pans down to a view of the "horizon" while Madoka's silhouette appears.
Sayaka, condom-chan
Someday the light of love you hold within your eyes will transcend time and certainly destroy one of the dreams of a world racing towards destruction.
Madoka then starts to walk while the other girls' silhouettes pass by.
Interpretation
The silhouettes seem to be the other magical girls. There is one more silhouette than the number of known magical girls (as of episode 3) and it most resembles Condom-chan's one.
Mami, Homura
Now that you've drank every ounce of your hesitation, what do you desire? Will there be a fleeting tomorrow for the course of this greedy admiration?
Madoka passes by a sitting Mami, and then by Homura, who then reaches for Madoka.
Interpretation
Notice how Mami is, contrary to all others, not standing. It's most possibly symbolism for her demise.
Then Homura tries to reach for Madoka, as she's doing in the series, not with her hand, but with her words.
Racing towards destruction
Madoka starts to run as her clothes are ripped away.
I run alone
Like the ancient magic I saw in my dreams when I was young I want to see you, smiling with the power to destroy even the dark
Madoka runs towards the light, and when she comes near it, it fades away, leaving only darkness.
Interpretation
Madoka has left everything behind to follow that light at this point. Her friends, and her magical powers (costume) are no more.
But the light was just an illusion. Only darkness awaits Madoka.
Naked dreams
The courage from the flower that was plucked now lays in my frightened hands. Everything only these feelings depend on is the wish to awaken that light.
as it gets darker, she actually loses all her clothes and then starts running as fast as she can.
Interpretation
Still, as she's running, she becomes a beacon of light in the omnipresent darkness.
The eye of the mask
Finally the whole screen gets engulfed in darkness and we can see Madoka's silhouette in the eye of what appears to be a mask.
Interpretation
In the end, Madoka's stuck behind the witch's mask. The mask bears a passing resemblance of the cover of the movie Mephisto directed by István Szabó.