Make her top smaller, not her bottom larger. Let's not disrespect Zelda, now.
Her arm that's across her stomach looks very odd, yet I don't know what makes it look odd, you know? I think it looks too long and skinny. You should have made both of her hands holding the Ocarina, then she would look proportioned enough in the arm area.

I love the corner borders as well. Very nice, and great use of vibrant colors, however, I think they should be a bit softer. Oh, and make her hair longer, just a tad, let the back ponytail rest against the arch of her back and the hair in front longer to hang down against her stomach.

Her face is PERFECT, from the expression to the features, you did it perfectly.Good job, needs some smoothing overall, everything looks very sharp, tone down the colors - not so bright, and fix the hair and arm, don't forget to make her SMALLER ON TOP, not bigger on bottom. Other than these few things you did a fabulous job!!

(HUGE FAN OF ZELDA, I HAVE A TATTOO AND EVERYTHING :P)

Nice use of colors on the Zelders.
I like.

The waist does seem a bit off (as you mentioned) and there is something about the left arm but other than that excellent job, well done.

something about the left arm looks a bit off to me.

Love it!