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. 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 and basically knows when and where walspurg will be seen. 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. This would be the most acceptable theory since on episode 8 Kyubey tells Homura "Thanks to you for attacking me every time now I know Your power is Time manipulation".
- 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: Similar to Variation B, where Madoka wished to go back in time in a sequentially past future. She either becomes Homura, or at least most of her does, while the current timeframe Madoka absorbs at most trace amounts of memmory from her future version.