It is really really hard to tell from a static picture whether any one individual aspect of a fit is correct for you. Based on what I see in this picture and knowing nothing else about you I would say your fit needs refinement. The elbow pad placement looks about right for the length of your arm and the length of extension, but I would want to play more with the position of the bars, the shape of extension and angle of extension long before worrying about the final pad placement.
Retul Certified Master Fitter, FIST certified fitter, Owner of Hypercat Racing
http://www.hypercat.com, and friend to the animals.