It has some promise
The melody starts rather orkish than elvish. Try to add some chimes in it so that it's more like magical. Elves are magical after all. That woodwind instrument (flute I suppose) fits perfectly. You just have to find something better than soundfonts (as I hear you use exactly soundfont which sounds too flat). Anyway. I won't vote yet as I expect you to alter your song for the best of it when I could vote for a full score.