It's perspective. The clouds are actually floating close to the ground.
It's not perspective. It's a mistake. The clouds should be in front of the ring, not behind it.
Also, OP, you should copy the ring, add a new layer, decrease the transparency, and paste the ring upside down and then only make it visible on the water, everything you do from there is personal preference (this is just to create a really basic reflection, just to make it a little bit more pleasing to the eye) but I do suggest vertically shrinking the layer before you crop it to the water, so that way it looks like it's at a different angle.
My attempted reflection:
Thanks for making my day. That is not how reflections work.And no I really didn't have anything better to do.
What program is that?also lol magnets.png