The only elements I know of are the Ancient Greek elements (Earth, Air or Wind, Water, and Fire. Wiccans add Spirit as the Fifth Element), because all things are made of one or a combination of these elements. In Ancient Greece, they were elements because they could not be broken down into smaller entities - they were the primal elements, like the Prime Numbers. When the elements were broken down into atoms, the Periodic Table of Elements came to being, and with sub-atomic particles it's been added to and revised ever since.
I agree with Andrew that, while it is fun to imagine blasting your enemies to bits and save the world with superpowers, it's a sign of helplessness and immaturity to wish for fairies and supernatural "powers". You will just depress yourself and lie idle because you don't have them in real life. Show your characters cultivating the powers that every human was born with: love, kindness, decency, stamina, knowledge and wisdom, courage, righteousness, invention and imagination, the power to choose good (or evil) and live with that choice or to repent and go against the people of darkness and greed.
In fantasy fiction, like fairy tales, it's what you do with what you got that counts. Superman is super strong because he came from Krypton, and Earth's environment and foodstuff affected his body differently. Batman is also strong, because he works out and eats the proper diet for a human athlete. Both men detest evildoers, and they chose to use what they have to subdue them. Macbeth's "witches" leagued themselves with Hecate, a spirit of evil and death in 16th century magical belief. Doctor Faustus made a pact with the devil for his powers. But other cunning women and alchemists learned their "magic powers" from observation and experiment, like botanists and chemists have done since. They were just as human as the weird sisters and the German professor, but they did not sell themselves to gain their knowledge - their powers.