You did a lot of things right in this image. The colors are nice (I especially like the orange patches on the wolf, and the colors of the leaves), you've got an interesting border, and you weren't afraid to break it with the leaves, and there are some fun magic effects going on.

That said, I can see a few things that you might want to consider the next time you draw a wolf.
For instance, something about the head seems out of proportion. The snout and mouth look good, but around the eyes, something goes off...the eyes almost seem too small. Or, at the very least, it looks like the ears are too close to the front of his head, giving him little brainspace.

I've read that the brain naturally "enlarges" facial features that are important to survival, and also glosses over or shrinks features that aren't quite so important, like ears and the back of the head. You see this all the time when folks are starting out drawing portraits--eyes and mouths will be big, but the forehead will be chopped off or the ears too small. So it's not unusual. The best way to avoid the error is to just really look close at your references--how far back DO wolves' heads go? Just where are the ears located. You know what I mean.

Secondly, while the far hand is drawn really well, the way you have the far arm and shoulder right now looks really stiff and awkward. It doesn't look like a comfortable position to hold, with the hand that drastically "UP" and the arm so drastically "SIDEWAYS." I think you could probably get away with only showing the hand, and ignoring the far arm and shoulder. OR, you could show a bit of the elbow BELOW the hand, instead of to the side of it (which would look more comfortable, I think).

Anyway, cudos to you for putting in such good textures, and for working out so complex a piece! Keep it up!