Great stuff
This sounds very authentic; like its been taken straight out of an old game.
I like how you've used 3/4 timing and made it a nice waltz instead of sticking to 4/4
My only problem is that to me, it doesnt sound like a spacey theme, i'm thinking more underwater or something, but that could just be me.
Either way, it's really good, and it loops extemely well!
Good luck in the contest!