Maby youve lost so much time, becouse you didint start properly from the begining

Shape pf ypur axe reminds me much more the music instrument than weapon...

If you mind it from begining, its all right, but if that would be weapon from the begining it have to look like thing for hurting people. Weapon suppose to be not a toy.
Im newbee in the pixelart, but maby you need sometimes few steps back, becouse in my opinion you spent so much time for colour all axe, witch is very nice, byt you didint think about shape of this weapon.
Quick edit, hope it will help you. Its not perfect, but probalby looking more like a weapon
Copule of days before ive been visiting some middle age castle, here is one of my pictures taken in there. There are some axes from middle age used for the knights movie several ears ago. Maby it would be helpful for also another future works with axes.
http://i.imgur.com/Yc3pa.jpg