Very nice Karen!!!!
I love the action in this one!
I love what you are doing with the splashing as that is very difficult(at least for me).
Now, if i may...the only thing that is standing out to me and I do realize it's probably too late to rework, if you decide my observation is of any help,-
The "front" horses neck appears a bit too short to me

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Also, while i love the compostion, I think that the "second horse"(right behind the foreground horse, was better w/o the mane of foreground horse covering it's head/nose, i actually liked the splashes you had in earlier version photo.
Anyway, it's an outstanding painting and I look forward with great anticipation to see this one finished! GREAT JOB!!!! Keep going!
