Board Thread:Spoilers!/@comment-6175354-20141215234519/@comment-25355646-20150130152811

Based on the BTS pictures I've seen for 4x12, it looks like Regina and Emma are using there combined magic to hold off Maleficent (in her dragon form) from attacking (kinda like the way they held back the Ice Viking in 4x05). The BTS pic. shows Emma and Regina holding their hands up while looking up with Belle standing next to them and MM and Hook behind them. So maybe Belle is saying it to Maleficent.