The more I looked at this the more it grew on me. I think having the axe head on the ground is what gives the photo movement. The blonde wood of the handle really does a good job of drawing the eye downward.
I like the colors, but the red axehead draws my eye to it, away from the rest of the picture, to the edge. I think the composition might be improved by having some more space below the head of the axe and maybe even cropping the handle