ABC News' Cassy Arsenault and Alex Waterfield report:

Dancers from all over the world descend on New York City each spring to compete in Youth America Grand Prix, ballet's biggest competition for young ballerinas, hoping to catch the eye of talent scouts from the top ballet schools from around the world.

"Nightline" followed 14-year-old Miko Fogarty through her third Grand Prix Ballet experience, where she competed against 5,000 dancers. She has her heart set on getting a scholarship from the Royal Ballet.

"I love the Royal Ballet so much," she said. "It's my dream company and I love their repertoire. I would like to be in the Royal Ballet. … That's the dream."

Miko is one of the main characters in the documentary, "First Position," a film that follows young dancers as they compete in the 2010 Grand Prix. It will be released in theaters nationwide May 11.

It's been two years since the documentary was shot, and Miko has made it to the final round of the Youth America Grand Prix for the third time. "Nightline" was there to capture her final performance, and then the waiting begins.

Watch the clip to find out what happens: