Board Thread:News and Announcements/@comment-6493589-20151008152837/@comment-4010415-20151016024712

MetallicArcher wrote: It's still possible that Mysterious Lady is not really Raven, just imitating her looks or something like that.

Also, it's confirmed Raven has spiky hair, which means the final scene of V2 is even more likely to be a dream. Except she does have the spiky hair in the final scene of volume 2. You can see it as she's finishing taking the mask off.