You have one more banner than you do formations, so drop that. I'd also recommend dropping the banner that is on the archers. Drop at LEAST one captain, preferably two (one is still a bit more than I think that they're worth, but oh well
). Dropping the bare minimum things suggested (including the Hornblower, which nobody should EVER take, EVER!), you instantly have an extra 135 points. If you drop two captains, then you egt 185 points, which are far better spent on more bodies.
You said that you're worried about no cavalry, so take some Galadhrim Knights to represent light High Elf cavalry or take some Riders of Rohan (ruleswise) to represent Numenorian cavalry or something?
Just realised that you have both Elrond AND Gil-galad, so it's best to drop all command upgrades to gain 305 extra points. A banner or two is fine, but NEVER take hornblowers. Ever. The captains are more points than they're worth: the Epic Heroes will allow At the Double! and provide Might, as well as increasing the Fight value of a company by more. Captains are a points sink and an easy way of killing mroe of the unit in Heroic Duels (initiated by enemy Epic Heores).
With those spare points, take some cavalry, like you wanted to and maybe some more bodies (Galadhrim can be light infantry and Wood Elves can be scouts and are easier to get in large quantities than the High Elves). I'd also consider splitting the archers into two formations of three companies and POSSIBLY the glaive-elves into two, but maybe not
The gist is: drop the captains, drop the hornblower (can't stress it enough), drop at least two banners, split the archers into two formations of three companies and use the spare points to get the cavalry that you want and maybe some extra bodies.
Hope that helps