It's surprising I didn't catch onto this one before. I really like the effect the watercolor brings to the overall thing here; especially how the outside negative space around the girl is taken up by the gradation in greytone to the outer edges. THe runic around the border is a nice touch; gives me some ideas now on some things I could do in the future. Again, the flow of the hair and of the folds in the dress are nicely balanced; gives a very flowy feel to the whole thing, and yet it has those nice little sharp points or edges to them. Nice overlap on the hair too, the way it curls. And the way the individual lines in the dress sort of overlap one another even; that's a nice little Picasso touch (for as much of Picasso as I know, which is not much). And an interesting balance on the patterns you have on her arm and her one foot, yet not on the other. It creates an unexpected balance to the whole thing, which is not uneven.
Your economy of lines, as well as of the quality of the greytone laid down, gives this a very interesting storybook feel. Definitely, more of these would be good to see. :]