I thought your piece could use a bit of contrast, I probably went a bit overboard, and then for some reason graphicsgale added more colors to it when I used the tool.. I think it was because teh alpha background messed with it. But yeah, I don't know what it was about your light source, but it seemed weird so I jsut made it come from the top. Also I wouldn't use that white as a highlight because it makes your elephant have a "metallic" look to it.
Edit: Just noticed I messed the Trunk abit its too thin, oh well. And I left the hair 1 color because I'm not proficient enough with hair atm to give you any tips on it