Armor Squid - Now In Color
Nice work there, mate. It took me a while to figure out that the shapes in the background were the embryo of some sort of woodland backdrop, but once I did I think the hints of snow and the overall cool, blue color of the BG help establish a setting with a minimum of fuss.
The cloth still looks a bit too unconvincing to really work, but you improved significantly upon it. It does a much better job of emphasizing the direction and weight of the character-o-squid... a-mathing.
If you want to go further with the piece I would suggest removing the tentacle in the upper left corner, or adding a tentacle in the upper right corner. I do think the solitude and hinted majesty of the composition would benefit more from not having any tentacles above the thing's head. It might help add some more weight to it, too, and with that an improved sense of purpose.
And specifically, I don't think the rim light at the very bottom of the hem of the robe helps the picture. It seems a little contrived, and it messes with the three dimensionality of the fabric you're rendering.
Over all a very nice picture. You're improving by the day!