This doesn't scream warm colors to me, in fact the focus on the balloon and the shadow it casts are cool colors. I think it's hard to take something with so many colors and make it work for either of these particular challenges.
A well exposed, well composed portrait of a street entertainer, however, The challenge was to create a photograph comprised primarily of warm colurs (red yellow orange) there are too many colours in here to meet this particular challenge, especially the large blue balloon and his hat. Also your frame adds nothing to the final product. Sorry.