The foot needs work there mendonca, its at an unnatural angle...
Aside from that, it looks pretty good. I like the shading style in it.
I'm actually trying to work out how you do it, cause mine isn't all that good and takes awhile.
Thanks for the comments, chaps.
Yeah, maybe the foot is wrong.
The shading style is quite simplistic, in this case I just used the default set of purply/blues from the Photoshop 'Swatches' (4 or 5 shades) and built up from the dark bits to the light bits, imagining the light source sitting to the ninja's left and slightly in front.
I have the darker outlines / shades and lighter details sat on a layer above the solid blues. I also add 'hatched' higlights / lowlights to this detail layer in a fine brush as I see fit to blend in the zones and try to make it so you can see the shapes that I am intending to show.
You end up with a messy, ineffective blob of shapeless blues on one layer (all drawn over a 'skeleton' of the form), which is refined with the detail layer sat over the top. All together they look a bit more effective. Then I just threw a background behind it all.
Don't know if that makes sense?
I'm going to go through some of the reference material from the first page of this thread, as I am on a personal quest to get to a stage where I can use colour / tone to define shapes rather than having to explicitly draw lines.
Edit:
A couple of studies of form :-
Drawn from life:
Drawn from memory: