
Sorry that this is pretty sloppy. It would appear that i dont have much skill in the pixel arena these days and ive done this pretty quickly as i have other stuff that im working on currently.
I would say that your biggest concern would be focusing more on how the light source from the angler fish will represent the volumes of the octopus. right now it looks a little flat. Remember that in deep water, its almost pitch black so any bight light source is going to hit your objects surrounding it with a good bit of contrast if it is close by. Think of the head as a sphere and the tentacles as tubes to help you figure out how to shade them to give them the proper volume. Worry about your specular lighting effects once you have the volume figured out better.
Ive noticed you updated the water bg with a nice little cave entrance out into shallow water which i think will help your composition out a lot. the same rules will still apply, but now the light source will be coming from the cave entrance and not the angler fish.