Sometimes known as the elbow lever, this move is actually quite a bit easier than it looks. Here’s a quick shot of the basic position.
Ok, how do you get there. Well here is the modification. It may look intimidating, but you’ll see when you try it that your chin provides quite a bit of stability. Make sure your hands are DIRECTLY under your elbows, that is the angle where they are strongest. Also, Yoga folks will note that they tend to do this position with the chin more forward and neck back. This would mean I would look up as much as possible. The chin give more solid and better support. Also bending the legs would bring the weight more towards your center of gravity.
Also note the rounded or flat-back position. This is very key. Don’t arch your back.
Ok, now you may also want to do a harder elbow planche. For starters just hold the position for a longer period of time. Trust me that will build strength. You can ALSO start to straighten your arms. Here’s a shot of me doing just that. The first example above my arm was at about 90 degrees, but in this one below the angle is about 115 degrees. The straighter your arms are the further the hands will be below the waist. Every inch lower makes this an order of magnitude more difficult. 
And no the legs are not supported. You’ll just have to believe me on this one!
Variations… Once you find these straightfoward, you’re ready to think about one-arm elbow levers. Here’s a first try for me. My feet are stabilized slightly by a medicine ball, and my left hand is providing a fingertip support. I have a ways to go on this one.
More next time, and good luck with your elbow balancing!!