Speculah:Ending Analysis

As of episode 3 we finally get an appropriate ending sequence. It starts with Madoka's silhouette walking while the other girl's silhouettes pass by. Notice how Mami is not standing (probably because of what happens in the end of the episode) and Homura tries to reach for Madoka. When we get to the chorus, we see a scene where Madoka's clothes are ripped, more specifically her sleeves, shoes and her hair thingies which I forgot what they're called. Madoka then begins running and the light that was in the background starts to fade, as it gets darker, she actually loses all her clothes and then starts running as fast as she can. 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.

This ED probably foreshadows that Madoka's life as a Magical Girl will become more grim and in the end, there will be nothing more but darkness, as she will be "stuck behind the mask of the witch". The mask shown in the end is also incredibly similar to mephistopheles mask.