I agree with shunao, the waves are too regular, it doesn't look real.

 Looking at the middle of the picture I can see it's extremly repetetive going from up left to down left.

 a good start, but i think the ripples seem too...organized. water ripples have various sizes so maybe two seperate tiles would be interesting to make for this! other than that, it seems like it's heading somewhere awesome! it's kind of hard to see where it starts and ends, but i can kind of see the "jagged" ends so be careful about that!