This is a very well drawn picture- all the little details look spot on! The wolf anatomy is very nice, and the scenery in very well drawn, and I think we all can tell you put lots of time and effort on this. The shading on the rocks is amazing, and the far back landscape looks like it has a little of a watercolor affect, which makes the viewer drawn to the wolf.
What I would recommend changing in the water where the back legs came from- there should be a small bit of water still in the air and trailing off the wolf's feet, to make it look like it's running. Also, the surrounding water should be a little more disturbed, to give a motion affect. And the last thing is, the reflection could be rippled a little, because without it it looks a little like a glass surface; if you know what I mean.
I really like this piece, and you should make more like this. It got me into a nice calmed mood.