It looks awesome, but something about it felt off when first looking at it. I think it's because of the perceived angle of the camera on the sprite. It looks like it would fit in perfectly with a side-scrolling game, but not a top down. You should try making some tweaks so fix that. Specifically I think it's above the arm joints and his back. I think that needs to be slightly 'higher' and have some shading so it looks 'longer' from this perspective and like it extends to his second arm.