You definitely seem to know how to work folds in drapery, and you executed it very well I'd say. Focus on your bodily proportions a little more and you'll do fine. Her arms just seem a bit too short for the head and torso that you gave her. Also in the face, the ear should be a bit longer. Ears line up generally with the top of the eyelid and the bottom of the nose on human faces (try it out with your own ear, see if it matches up).

I get a very calming sense when I look at this. And then I start to feel a bit alarmed because her butt looks like it's about ready to pop that bubble ;P I would love to see this in color. Perhaps if she was a magestic blue with a purple dress and fair skin. But then the background would have to contrast that so the bubble would be a faint pink and the background some sort of yellowish orange with a few whispy green clouds that are only just there. Yes I think in color this would look very lovely.

~Colleen