PS. I think the main problem with the splash is that it looks more like a solid that has been broken. Especially the free droplets. I'd say there ought be be more spray, and that the individual droplets should probably mostly be more rounded maybe some of them might have slight tails towards the actual sheet of water they're being thrown from. Otherwise though, for a first time drawing a splash I think it's quite good.

ETA:
Here some interesting pictures of splash patterns that happen under different circumstances. http://people.rit.edu/andpph/exhibit-splashes.html

Also, here is a fish leaping out of water to study... I don't know if the splash pattern is different when it is yanked out of the water or not, but you can see how it's different than when you drop something into water. I wasn't able to find a good closeup of pulling a fish out. However, you can still get a good look at the behavior of water when something separates it from the larger body.