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The Selenvatar's expression in panel 1 - How did that get in there...
Shang Tsung has entered the tournament?
It's hard to tell from the outline, but I think the New Challenger has 4 arms, 2 of which have bladed appendages. It also looks like she might have a snake for legs. That would make her resemble Fulgrim's Daemon Primarch form, which makes a certain amount of sense, since he's one of Slaanesh's.