pokémon Magearna Theory Thread

[SMFoxy]

So, Game Freak/Nintendo have announced the newest Pokémon recently, called Magearna.
I'm curious as to what people think of it, what their theories are, and anything else they feel like throwing into the conversation.

My theories: Looks pretty similar to Diancie, so perhaps a bit of a Genesect modification thing going on?
I'm thinking probably Steel/Fairy, like Mawile, perhaps. It's unlikely to be a new type, at the very least.

People are pointing out that it looks like a Poké ball, and while I agree, I don't think it's likely to be related (though it isn't impossible), given that they didn't appear to have Poké balls that long ago, at least not in the form they have them nowadays (Source: Samuel Oak's Poké ball in Pokémon 4ever, Ninetails 200+ year old Pokéball in EP232), though apparently 300 years ago they did (Source: Gastly and Haunter's Pokéballs in EP095 (No Link))?

Anyway, what do you guys think? Looking forward to hearing opinions and ideas and whatnot.

-EDIT-

It seems as though some sort of release has been made confirming Magearna as dual type Steel and Fairy.