Chief,
Your overhead picture looks pretty good! But YES, your string elbow is too high. Do this, look at your "front" picture and hold a piece of paper that has a straight edge on it so the edge starts at the pressure point of your bow hand and passes though the arrow nock. Your elbow should be on that straight edge but yours is WAY above it. Now do the same thing with Terry's picture. See how the straight line goes from bow hand through the arrow nock and right onto the elbow? Terry's is perfect.
It is hard to tell just from just a couple static pictures but I suspect that you are using way too much "top of the shoulder" muscle to draw your bow.
As you work on this, I'd also suggest that you stand up straight, relax your shoulders down (both look to be too high). AFTER you have gotten better alignments, you will be able to go back to the "hunch" if you want -- just not sure why you would want to though. Terry has GREAT form!! You can try to emulate him AFTER you have gotten your alignments IMO.
Arne