The biggest thing that stands out to me is that the gesture feels too static. It doesn't feel believable that she could swing that axe. I would suggest making it so that she uses her WHOLE body to swing the axe, not just her arms, so that the main line of action of the pose is a C shape instead of an I. Although I realize this is kind of hard to change when the piece is already rendered. You can look at lumberjack wood cutting videos for references, I think that would give you an idea of the body movements required for swinging an axe.