Wow, where to even begin? I'm all for constructive criticism, but I'm having a tough go finding anything I would change outside of getting nit picky. The only couple suggests I have are minor details. The shape and perspective of the wolf towards the back seems off somehow, as though it's too long. The only other detail is the way the eyes on the elf are rendered, they also seem skewed somehow when compared with the angle of the head and hair.
Outside of that, you have so much that's well done in the piece. You have a warm pallet which is very interesting to me because it creates a tension in the piece. The direct stare of the wolf, and the armor and style of the hunter would imply or be more inclined towards cooler colors because they are more associated with the emotions of wolves, elves, and the intensity that is created when the scene as a whole is viewed. By utilizing these warmer colors, it causes a push and pull because although the characters imply one mood, the warm colors and the beautiful forest and scenic landscape really better imply a calm, focused, almost routine morning habit.
The entrance point for me is definitely those eyes on the wolf, they truly stand out against the rest of the piece, but also because the wolf's form is a mass of white with warm tones against and otherwise earthy scene. The interplay between the wolf, hunter, and the length of the bow create this triangle effect which leads the eye finally to the imprint in the ground and then brings the eye back around the piece. It's a wonderful balance. You have enough details where they should be, but they're not overwhelming and they greatly aid in the story-telling. The trees and the supporting foliage also create a frame for the "triangle," and establish a solid foreground, adding depth.
Over all, this piece is beautiful and has a great unity to it. You should be very proud!