Woha! I don't know why, but you really got me with this one. I love your traditional style, her expression and your use of colours :)
I think, if you use some rim lighting, it would help her to pop out and really support your concept. Maybe you could focus a little bit more on her eyes - maybe a little bit of white in the center, wich blends with the yellow...
The same thing you can do on parts of the "tentacles" which a closer to the viewer. I think it would give them a great three dimensional effect and would look really cool.
Hope my feedback is useful and you haven't to big problems to decrypt my terrible english^^
Keep up the great work - want to see you at least being showcased :)