There are only 3 elven armies. CoS is just a soup of old models waiting to be dismantled and there is not a single aelf key word in the new Sylvaneth battletome and if you count them because they were an integral part of Wood elves then there are 2 orc armies because goblins and trolls were an integral part of Orcs and goblins army. (even in WHFB were spirits just allies of elves, not elves per se) Not that it changes your argument of too many elves, too few orcs, just needed to defend the Sylvaneth:D