Do you not think you're making this sprite too large? Animating this would be a nightmare for any pixel artist, surely if you're set on this sizing you should steer clear of this method entirely because pixel art focuses on usually detailing smaller sprites. I would of thought you'd be doing this maybe even half this size.
Atm parts look very unclear and all in all it looks kinda flat, I think you'd benifit from concentrating on the levels before adding in any textures or anything fancy. Whats with the pillowshaded-banding everywhere, work on its depth, and don't rely too heavily on in-game screenshots as main reference because you won't get the desired level of detail thats truely attainable then if you took the time to see real life people. With anything in art real observation is necissery, even just to push you in the right direction, you should see every piece as a learning experience and something to constantly improve on.
If I were you I'd strip this down to easy to desifer linework and gather a palette ranging from light to dark and concentrate on it's depth, stick to a light source and shape this guy. It's no colour by numbers. His armour is made up of different materials to, parts will reflect stronger. Worry about the texturing and finalisation till the end.
edit - HAHA