@cels I didn't stop, it's just on pause.

It's not too late for changes cause I keep background elements on separate layers.

I've added the flag just to break a bit from the reference.
You are right about axe hand, that was mainly because I was trying to emulate shadow more than it's required.
I know the form of chain, but if I add 2 more pixels for each ling there be no more gap inside of the ring. To achieve right chain visual effect I would have to increase it's size, which wouldn't be appropriate. If you know the solution be my guest.

Also I'm experimenting with ditering in the flag (maybe it will improve the piece, maybe it will just add more bad noise), currently I'm not satisfied, but if someone have useful ideas I would be appreciated.
Here is example based on cels critique:
