That is looking quite fine, but there is a number of things that throw me off.
First of all, the movement. I know you're mostly trying just to redo the design for Sonic in the title, but given you can make use of the amount of frames in there, you could make his movement flow a little bit better. My main problem regarding it is in the frame where his finger is pointing right at the screen, where his face is
still looking directly at you, and then suddenly, he's looking away. You could change the face in that frame to make him look slightly away, and THEN he does the finger wag loop.
The same thing goes to his body, you should also make it start to face away from the screen in the same way, rather than just facing the camera for two frames for no reason. Another thing you could change in the same frame is the position of his hands. The one pointing at you could be moved a little lower, and the other hand should
not be simply raised higher suddenly like that, and instead could stay vertically the same and only move horizontally closer to the middle.
This is all necessary to make said frame work better as an inbetween for the sprite he starts to directly look at you and the main sprite, and just to make it easier to understands, here's a quick sketch to show what I mean:
Original anim:
Modified sample:
Animation wise, another thing that bothers me is the finger wag. He's only moving the finger, and that feels pretty silly. Would work better if you made him move most of his arm and bend his wrist a little bit as he wags his finger.
Lastly, but not least, his head design. His spine are so long, it just doesn't works, due to how inaccurate it is to the SRB2 design. I can't help but think that you didn't look for reference when making this, so I might as well provide you the best head reference I have available:
Even then, I'm going to mention the main sprite of the animation (the finger wag part), just to point out the biggest flaws in it. Other than the spines, I feel that his eyes are a bit
too angry, and the angle it's facing doesn't matches the angle of the nose. While speaking of the nose, it's a tad too big, and his eyes are misplaced, just like last time before I fixed the sprite. I would also make his smile smaller, because it's too big and rather creepy. I decided to redline upon the frame to demonstrate my point better, and hopefully it'll serve as decent reference when you try to fix the head design:
I hope this comes in handy, because I'm actually really happy to see the title screen animation being remade~