Hmm, I really like this piece. The realism is rather impressive, and the colors are vibrant with a dark edge to them, which I like. it does make the whole atmosphere of the drawing pretty intense, in my opinion. But what I love most is the content. I might be right or wrong, but it looks to me like you've got some serious symbolism going on here: Sayaka rejected Madoka's love and care, thinking she could never understand her pain and lashed out at her, hence the swords piercing her body, and Sayaka's crazy outburst and the way she ran off crying concerned Madoka greatly and caused her to go looking for her. I think Sayaka hurt Madoka rather badly, and considering the fact she died and stuff, the fact that Madoka is drowning is understandable. And it looks like Sayaka's trying to reach into the water and save her, which could reflect how she regretted what she said to Madoka and felt terrible about hurting her (and if she hadn't gone witch she probably would've gone off to make things right once she calmed down.)
At least, that's how I see what's going on. Either way, it's a very well-composed and well-thought out work of art. You've certainly got some talent.
You did get a lot of the symbolism I tried to put in right, which makes me happy~ The only thing being, the reflection itself is just "regular" sayaka, not madoka. So instead, it's sayaka drowning in her own self pity/regret for hurting madoka, and the "magical" sayaka coming out of this "cocoon" of regular sayaka.
If you happened to see the transofmration scene in the movie, I was inspired with this idea that, regular sayaka must be lost in a way, to make way for the magical sayaka. This also related to the nature of soul gems and things of the like TvT;;; Also related is the fact that sayaka can pull swords out of her body, which I wanted to use in reverse as a betrayal to herself.