This is where I think you should go with it. As it stands there are a few anatomical problems that stick out to me. Keep in mind that I studied no references before making the edit, so it could still be way off:
What I did: Shrunk the feet, repositioned the legs slightly, widened the chest, lowered the head (I think.. maybe by 1 pixel?), changed the belly almost entirely (unless this wolf is, like, a collie, its underbelly shouldn't be such a drastically different colour), and removed the black/dark patches on the back (personal prefernce, really, but I've never seen a wolf coloured like that
).
The palette in this is nice, the head and neck are very nicely shaped. It's really quite nice, overall, except for the mentioned anatomical thingies. The only other thing I'd mention is to watch out for stray pixels. Pixel art (far as I understand) is first and foremost about control, and there are a number of oddly placed/stray pixels. Some of that grayish brown used on the body, for example, and the two random black pixels.
Good stuff, though. Keep it up.