Quite nice.
The lighting seems quite consistent.. how about adding a different tone of light coming from behind? The red line along the tail seems a bit inconsistent. What bugs me most is that the tail seems to twist very abrubtly from the end of the neck, as if the dragon's spine had been broken.. and further on that matter.. the dragon seems to have a neck and a tail but a middle body seems to be missing completely? And what about legs and arms? If the design is meant to be like that of a seahorse, even they have a clear distinction between middle body, neck and tail.
Nevertheless, what you have here is very nicely done in terms of shades and textures. I like the head and the scales of the dragon a lot.
