A very good piece of work!
I was very impressed with this submission. You did a fantastic job.
Your decision to use all reds until the end made for a strong visual impact, and in combination with the well selected musical accompaniment, made for an interesting retelling of the Red Riding Hood story.
Two things you should take in to consideration:
Though your visual style is extremely powerful, you could use some additional practice in Flash, as well as traditional animation techniques. The key to using flash as a strong medium of animation is combining it with traditional techniques, so keep at it. You're doing very well so far.
Also, I'd suggest if using a pre-existing piece of music for your work, either use some manner of editing to cut it off, (flash allows you to do this in your .fla) or run your animation to completion in time with the end of the song.
Good job! Looking forwards to your next one!