Speculah:The Time Travel Theory
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This theory appeared along with the World Reset Theory, since they are very similar. Depending on the turn of events, it could be proven valid or invalid as soon as episode 3 airs.
This is a variation of the World Reset Theory. We suppose here that the dream Madoka has at the beginning of episode 1 is the future (or "a possible future" in the sense of the Multiverse Theory). We also suppose that the world is the way it is because of Madoka (that is suggested by lines like "If I could become such a helpful person...That sounds wonderful. Or so I thought.", end of episode 2)
Someone (be it Madoka, Homura or a third party) notes that the only to change this outcome is to travel back in time and do things so that Madoka doesn't become a magical girl (doesn't that remind you of The Terminator ?). From here on, two variations exist:
- Variation A: It is Homura that wished to go back in time and stop Madoka before harm is done. That could explain why she was after Kyuubey in episode one, why she already knows everybody, and why she warns Madoka many times. However, the major flaw of this variation is that Homura already is a magical girl, so her wish has already been granted. This variation doesn't explain the dreams Madoka has either. However, it could be possible that it is the future Madoka who used her wish to send Homura back in time.
- Variation B: It is Madoka that wished to go back in time, in the hope of making another choice this time and avoiding the fatal outcome. This variation explains the dream, and is consistent if Madoka decided to become a magical girl (and hence use her wish) at the end of the dream. However, it doesn't explain why Homura knows her and try to warn her.
- Variation C: Like Star Trek: The Next Generation "Cause and Effect" or Haruhi's "Endless Eight", either Madoka or Homura could be experiencing a Causality Loop where they are repeating the same days/weeks/months over and over, remembering little to nothing at the start of the loop. For Homura, she may remember little details in each loop, enough to possibly try things like influencing Madoka and friends to not make the contract, or trying to kill Kyubey before he can contract anyone else. For Madoka, after watching all of her friends or others die or be turned into witches at the end, she could make her wish to reset everything back to how it was, which brings her back to the morning she woke up after the dream in Episode 1, thus starting the loop all over again, but she does not remember anything but Homura.