Hmm, I like everything on this latest tag except the most impotant part, the render. It's like you did very very little to make it work with the background.
You did well with the BG to make it look more appealing but you didn't smudge the render? In my experiance on making a smudge tag the most important part is bleding the background in with the render and you didn't do that. Also there's a lack of flow, the flow should be going from left to right on this tag as that is the was her hair is going (due to wind which you could have made as such).
I do see that you've put some smudge over her dress (on the right), I think, not too sure if that's part of the render, but that's as close as you did to actually blending her with the background.
Now, a few good things I did notice was the fact that you managed to fill up some space in this tag without blurring the hell out of the background. You used some C4D's very subtley and some cloud renders maybe? They could also be brushes but either way it complements the tag well.
You did well on the lighting to the left of her head but you've go lighting in at least three different places, all at opposite angles. The other two you added in which I wouldn't have done would be on the bottom left and to the right of the tag where the brushing is. Lighting should only come from one place and not three.
As far as smudging goes it's a start but you didn't do much in the way of it, seems you just brushed in places and smudged it. Try blending the background with the render and not have smudging for the sake of smudging in certain places.
But in saying that, an improvement. The text is also improving but could still use some work.