Is she the dreamer, caught amidst her dreams, or the dream itself? She certainly has enough of the surreal to be the latter. I like the concept, and the execution is beautiful, but it's her expression of overt anger that stopped me--and your design (like the way the curves of her hair echo the curves of the dreamcatcher). Very, very well done.
I don't quite like her bottom edge, but you sure mastered the expression problem here, if this fierce guardian were protecting my dreams, I wouldn't worry about nightmares... they'd all be scared of her.
I loved getting to see the progress on this through Tumblr! I hope you post more WIPs in the future Like I said before, I love her expression; her eyes are so telling, and the contrast between their bright blue and the redness around them is really gorgeous Also, the composition is brilliant.