I'm going to try to post my theories towards the end of every half season of the show(mid-season finale or season finale). That way, I will be able to share my view point on where the show is going before it breaks, and give exposure to other people, blogs, and theories that I find interesting.
I'm going to start with links (for season 5B, I have found two wonderful Tumblr blogs and one fantastic YouTube channel).
On to my own personal theories, which I know you've been waiting for!
We know A has gone plenty extravagant with his/her "revenges", if we can even call them that. Think of the fireworks, the holiday lights, etc. Those things were just from one episode alone! This means A is rich or comes from a wealthy family. This reminds me of three families- in no particular order, they are the Fitzs', the DiLaurentis', and the Hastings. This would mean that one of these people could be A: Mrs. Fitz, Ezra, Ali, Jason, Mr. DiLaurentis, Mr. Hastings, Mrs. Hastings, Melissa, or Spencer. Would the adults really be A, though? I like to think we could trust them, if not anybody else in Rosewood. Taking them out of the equation, this leaves just five wealthy people: Ezra, Ali, Jason, Melissa, and Spencer. Could this mean that one of them could be A? Is Ali lying about not killing Mona? Did Ezra never stop writing his book? Where is Jason? This theory is a bit fuzzy, but I think it could definitely play out next season.
Also, whatever happened to all these random, "missing" characters on the show who are now never mentioned? None of them had a big farewell, so are they completely off the show, or are they behind the scenes torturing the Liars with the screen-name of "A"? This batch of people includes: Sean (Hanna's ex-boyfriend), Kate (Hanna's stepsister), Isabel (Hanna's stepmother), Jason (Ali's brother), Paige (Emily's ex-girlfriend), Samara (Emily's past love interest), Talia (Emily's ex-girlfriend- wasn't she supposed to be living over at Emily's home for a while?), and Johnny (Spencer's past love interest)? What happened to them? Is one of them A? Plus, we never saw Maya's body on the show. In P.L.L., we can never trust someone is truly dead unless there's a body. Did we just forget about Maya? After she died, they only mentioned her in an episode or two. Did Emily just forget about her that quickly?
Here are two links to the best theories I've seen this season, and that I think may actually lead somewhere.
"Varjak Paw" Here is an excerpt of this theory (all credit goes to the author): "
Varjak & Holly in "Varjak Paw". Varjak & Holly in "Breakfast at Tiffany`s". Varjak & Holly references on PLL.