The elf's tunic and leggings could be colored a light leafy green, and an olive green could be used to accentuate the folds and creases of the clothing. The butterfly could be a lovely mix of yellows, blues, greens and purples to give it a whimsical feel, while a subtle pink or beige could be used to bring out the subtle highlights in its wings. The elf's hair could be colored a pale golden blonde, while the ends could be left in a light brown. The fairy's dress could be made up of many different hues of the rainbow, and her wings could be shaded with a shimmery silver to bring out their iridescence. Her hair can be colored a bright buttery blonde and her crown could be shaded a silvery-white. All together, it could turn out to be a delightful and magical picture!