Maybe it's just me, but with such advanced musculature I think she looks more like a half-orc or even full-blooded orc than an elf. Yeah, I see the pointed ears; yeah, I see the diagonal eyes; but what jumps out at me more are the thick jaw, large head, and (especially on the second drawing) really thick neck. You've even given her a pronounced, almost "cavemanish" brow in the first drawing.
Perhaps I'm the victim of seeing too many stereotypical elves over the years, but neither of these drawings says "elf" to me. I imagine even a ridiculously strong elf would have a certain innate grace and suppleness - think "martial arts expert" rather than "weight lifter."
I like the hands in the second picture; the long nails in the first seem almost like claws, again enhancing the "demonic" look.
If it were me, I think I'd try a thinner neck and less "macho" jaw on your second picture. But then again, this may be just me. I'm certainly not a professional artist.
Nice work, in any case!
Johnathan