Well he has a big collar, so this close in the frame it might resemble a cape (and the way I animated it as well). Tried giving it more "wave" and follow-through to his right, but it looked odd (for a collar). Maybe the problem is the exact opposite.....too much wave!
There's not a recurve in the wave along the right side (camera right, not character right. His left side, our right), the side of the cape that connects to his neck. The cloth remains curved upward throughout the loop, rather than sweeping down a bit before raising up. So it looks like it's being pushed back and forth rather than following a series of waves.
Not that it matters so much, in a scene it wouldn't likely be noticed at all. Here it stands out because we sit and watch it ad nauseum. And I'm just being a nitpicky bastard, 'cause I know you can take it.