Fast like lightning into this thread too, Shadow!
I'd say she's going after an interloper in her forest, although I suppose it could just as easily depict a benign hunt.
I've been goofing about with my own fantasy setting (taking heavily from Tolkein, DnD, Warhammer etc) and it's quite clear in my mind that these Elves, with their penchant for mercilessly killing those who voyage too deep into the woods and the old stories about them devouring said intruders in great banquets, are figures of superstition and fear to the local humans.