Not bad. You've got the style of the sprite down, but the animation lacks a sense of weight and acceleration.

First, the spearman never breaks her frame--she's bolt upright the whole time! This makes it look like she's not putting her weight behind the thrust. I'd try having her lean forward, into her strike.

Second, I'd try using fewer frames during the strike itself, and use more frames on the back-end for some very small "winding down" movements as the character decelerates and shifts momentum backward. This will make the strike appear faster, and give a sense of weight to the attack as the character pulls back and returns to her neutral stance.

As a reference, feel free to check out these attack animations that Tyvon Thomas did for Telepath Tactics--I've slowed them down so you can see how he did this:

http://www.sinisterdesign.net/Downloads/Cavalier_F%20-%20Lance%20Left%20(Slow).gif

http://www.sinisterdesign.net/Downloads/Spearman_F%20-%20Spear%20Left%20(Slow).gif

That is awesome. :)