You have a very good Imagination.

The lighting of the background and the baby and the fairy are all different...This is especially noticeable on the baby's fingers, which are in shadow as they grip a barrel lit from the side...Consistency counts.
Also, the flowers on the baby's head look extremely cut an paste, with a dark line on the bottom. You might try a bit of the Dodge tool to lighten the bottom, and slightly blur the outside edge of the flowers to help them better blend with the image.

This is how I like to get my babies clean... (see I am allowed to say that and it is definitely not creepy because I in fact do not have children, so it's fine and not weird at all...)

the fairy looks very "Disney-like"

should make fairy facing with her back to us (facing the baby or side view of fairy),
now don't look right yet

a bit of lighting on the baby to match the background lighting and some shadows and this could be a good work

Argh... make it die, burn it, burn it. Sorry, nice manipulation, it just scares the hell out of me. I'd perhaps suggest adding a few smaller bubbles in there dotted around the place, only without faces. Maybe it sounds odd but to me that would hint at the idea that the whole scary face thing only develops as the bubbles 'grow'.

very metallic look than bubble, suggest lower opacity, add some highlight/glare to bubble
background image should be same as bubble reflection/refraction of palm trees?

otherwise, change title to maybe "trapped souls"....

great idea though, I wouldn't have thought of it

Good face, distracting background.

yes.... i am surprised! nice one!