Its great piece of work, I think adding a few highlights would make the design pop a bit more. I think because the values are so dark your missing an opportunity to add some nice detailing in the sword and get a better read on the materials maybe.
Other than that its a great design! look forward to seeing it finished!
If your using photoshop go to image>adjustments>Black and white so you can easily check values.
Another thing you can do is make the top half of the character lighter and the bottom half darker.
I did a quick Paintover(not really) just showing of the affect of making the top half lighter. This can help the face pop a lot more. Overall nice design. Don't be afraid to make your lighting brighter in some areas. 
1 month later
Values seem right, but in my opinion you should try to avoid mixing black in your shadows and go for ambient-mixed shadows. Try to think of an ambiant light tinting all your blacks a bit more to the blues. Pure black tends to give a noisy and dirty feeling to a piece 
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