I wasn't gonna comment but people are kinda giving you a rough time about this so, here's my C+C.
First impressions are not very good. This is mainly because of the Wind Waker Link. Here are a few problems with him:
First, his eye. The eye starts in a slant, and ends further up whereas it should be the opposite.
The shape of the face, the nose comes out (from the top) gently and goes back in sharply, whereas, again, should be the opposite.
The ear is both too high, too far back, and too short. It should begin with the top of the ear on the same level as the top of the eye, and should be much farther towards the eye itself, and also a little fatter.
The cap is situated so far back on his head that it is impossible that it stay on.
The two little bits of hair stick up too much, they should curve at least a little and come out of his hair more diagonally.
Lastly, the legs are (a too long for WW link, or so it seems.
And the leg also appears to become much fatter, like this:
That may seem like pretty harsh criticism, but I do really like the picture. Everything else looks great about him, and the cloud looks really good. But I do have just one or two crits about the background:
One, his neck begins too early (from the front of the face), either that or his chin protrudes too little.
He's holding the ocarina wrong (from the back with one hand, from the front with the other, whereas it should be from the back with both), but that's pretty trivial.
And, the way you've shaded the ocarina, it looks a lot flatter than an ocarina actually is.
And that's all
Obviously you're not going to redo the picture, but, y'know, next time you draw some Zelda fanart. I really like the gloves and hair in the background pic, btw.