Thank you! And totally agree about webbed fingers.

Thank you! 

Thanks! 

Thank you!

 Beware of perils of the sea   

Exactly! The point of the final version is that you give this picture your own meaning rather than stick to artists imposed opinion. 
And thank you very much!  

Thank you so much for your insight!  
That was exactly what I had in mind while working on this piece. I even wanted to name it "Bait". And if you look at progress animation here 

Mature Content

 , you can actually see the phase where she was even a part of octopus' arm and had some suckers on her "tail". In the end I changed it to more subtle hint, so everyone could think what they more inclined to think.

Thank you!