You've got the right idea, but your use of the chain rule needs some work.
An easier example of the chain rule:
f(x) = sin(2x)
Differentiate the 'outer', sin: cos
This acts on the normal 'inner': cos(2x)
Multiply by the derivative of the 'inner': cos(2x) * 2
Your implicit differentiation is spot on (you've just put in the wrong place).
Don't forget to rearrange it to get y' =...