There's a problem with your anatomy.
The legs look too much like sticks, and should look like actual legs.
Your limbs need joints like Elbow, Knee, etc.
I don't have a problem with the waist/hip size. Some people have wider hips than others, so you just gotta take whichever looks good for you.
I'll assume you are trying to capture a 3/4th perspective. I have some tips:

- Shorten the legs. If not, the character will look very flat and not keep it's 3/4th Perspective look.
- Lower the eyes by 1 pixel location.
- Raise the shoulders up by 1 - 2 pixel location. Also, smooth the shoulders out so they don't seem non-existent.
- Gather one or two more shades of skin-tone color and fix the shading.

When I mean "fix the shading", I mean :

- Light is supposedly coming from above him, since it's 3/4th Perspective. So your third edit is closest to this.
- The upper chest near the neck needs darkened while the lower portion of his chest needs lighter shade.
- The bottom of his legs, a.k.a. shins, need to be much more darker, since they aren't directly being hit with sunlight