This remind me of those old fable books about monsters and folklore. The figure's distorted body posture is reminiscent somewhat of a spider with it's bow legged legs and comparative low body position. Or perhaps she has birthed this new being and is cleaning it (I like not to go with the most obvious depictions if possible).Another arachnid similarity is her eyes. They are dark and life-less yet conveying something that lurks beneath. Along her forehead I see some smaller formations perhaps implying (again much like a spider) many more eyes. The red leaves being very bloody coloured and at the contour to which they seem to be falling down again imply yet another beautiful contradiction. Life leaving one body to be given to a new.
The colour palette choice was a very professional one. All too much these days people douse too many of their works with a plethora of saturated colour, rendering the piece a bit generic and in some cases causes an eye sore. Yet you have shown a lovely understanding of realism in context to your scene. It's a foggy forest which seems to have been drained of life. Now here is the contradiction that art can shows us. Which brings me to the point I made earlier about the Hag possibly giving birth to this being in the water. To me, the 2 trees in the foreground represent open vaginal lips and further in, the womb. Water being a symbol or element of life to which was given to this new born. The Trees in the background are also perhaps illuminated from the inside slightly again implying the light of life. Forests also provide shelter and resources.
I do not know whether what I have seen in this wonderful work is accurate to what you envisaged or made you think of once completed, but art is open to interpretation and thought provoking. If it doesn't make us use our brains sometimes (not every art work needs an in-depth analysis) then a medium can become sterile. I adore this piece. I can vividly see it inside a book of Tales of Ye Olde of some sorts.
Great work, you have earned a fan : ]