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Reference(bottom left): Here

Update 1: I think I improved the shape a bit.
Update 2: Changed some colors around and tried to do some color shapes based on a suggestion from Pixelation...I think maybe I over did it lol.
Update 3: I tried to clean up the previous version a little.  I think I have been staring at it too long at this point. X_X
Update 4: Back to try again.  This time I decided to not attempt to duplicate the reference and instead attempt my own interpretation.
Update Final: I am satisfied with the piece and it has been submitted to PJ: http://www.pixeljoint.com/pixelart/85599.htm

Thank you to all that commented and gave me help with this piece.  I think I learned a lot.  As a post mortem of sorts, I want to say that I am not sure about my decision to restrict myself to the DB16 palette.  The main reason I did so was because I have no experience with that aspect yet and wanted to limit areas I had to focus on.  Looking back it seems I may have restricted myself too much and the piece possibly suffered for it.  Perhaps a more experienced artist could have made better use of the palette.

FYI: For this image I for some reason decided to restrict myself to the DB16 palette.