Update:
Tried to rework the pose a bit, it was looking a little too static. Also changed the costume.
The original colour scheme looks as though his shield and sword are glowing and he comes off looking like a god. I prefer this one though it looks really nice. I don't really like the combination of colours in the new image though the over all colour of his body suits his portrait better. I'd use lighter colours, I liked the feel it gave on the original version.
I love seeing your steps in making these, they are very good.
I simplified the colors so I could see the basic design of what I was doing. Something didn't look right and it was hard to tell what it was because of all the detail. I'll change them back when I get the basic design right.
Honestly, I prefer the old sheild, it looks more pearlescent.
About the darker scheme you used on the face; I think you might've gone a little too dark, you could try curving it more towards purples to keep it from looking dull.
Something along the lines of those ^, may work.
Nice color edits. I'm done tweaking the portrait though.
on your elf dude imo its been getting worse and worse. the refinement and stuff is all cool but in the first few he looked mystical and badass, now he looks more feminine and prissy. my personal favourite is the second one, the hand just looked really cool. anyway, thats just my two cents
This one came out pretty close to what I had in mind originally. Not a perfect match but close.
I made one edit by the odin24; 
Im newbie and need practice so much 
and please, someone have a good colors table ? or a tutorial about that? are very important, to me 
I'm done messing with the portrait. The eyes look nice, the jawline is probably overdone. Check the general section for tutorials.
