「ま、マスターどこ見てるんですか…///」
揺れるあれへの視線に気づいたミクさんが照れ照れ…でもミクさんその隠し方逆効果です、強調されてます。

"M-master, where are you looking..///"
Miku-san noticing that there's a gaze towards that shaking place and getting embarrassed... But Miku-san trying to cover herself that way has the opposite effect and just emphasizes it.