Excellent progress! I really like what you've done with the water and splashes (also bubbles underwater). The character and her face looks great also. My input: I don't know if the serpent on the right side is taking some attention away from your main character. You could experiment with different saturation styles (lower the saturation on the background to pop your character even more) and color balances.
But all in all great work man, I really dig your character! Good luck!