(posted: 5/29/2007 7:32:21 AM) Answer Courtesy of Sarah Su:
The third Elder is a bit of a pain to find i spent hours looking for him in what i thought to be the Dragonfly Falls, but turns out his on the third island, on Sunken ruins, once you've hit a dark gem the floor falls apart and drops you down to this Elder..
... Which frankly is a pain, means you gotta remember where all the previous wall kick walls are, and go back to them.
Hope this helps =)