This is absolutely stunning! The phoenix looks so real, and the water has a calming effect. The only criticism I have to offer is that the lighting seems slightly off on the girl, but other than that, great work!
I think that if you made the phoenix a light source it would improve the picture because it would blend the phoenix better and I feel the picture needs a better light source.
I like the reflections in the sea (is it flipped with a gaussian blur and some layer style?) and the lady is pretty well blended as well except for the lighting on her upper body. The colors doesn't seem to flow too well with the rest of the picture.
Please take this as future advice and not harsh criticism... (probably better than what i could have doneXD)