I fixed it up a bit for you, my edit is on the right:
Look at the difference between yours and mine, and try to learn from it. Reference other video games for animations; The Z2 team does that in addition to creating custom animations, they look at pre-existing animations and reference it/use it for cross comparison, blah blah blah.
There is an article about Darkstalkers and the Twelve Principles of Animation, read it if you can. Also, if you don't have it, Photoshop CS2 is free and can be of use, for the layering capabilities. Lasso tool/transparency of layers are your friends when you want to make frames.
Since the Z2 style
rips off takes inspiration from CvS/CPS3 (Street Fighter 3/JJBA/Red Earth)/CPS2 (Street Fighter Alpha/Marvel vs. Capcom), I suggest you look at their pre-existing animations as references.
You did a good job though, even I couldn't pull that off the first time I started spriting.
This is a generic forum signature.