Milan Native claimed a length-and-three-quarter success in the Fulke Walwyn Kim Muir Challenge Cup Amateur Riders' Handicap Chase to provide Elliott with a treble on the day.
The seven-year-old took the wide route around the final bend after gaining ground from the middle of the field, jumping into second place over the last obstacle before picking off last year's runner-up Kilfilum Cross to succeed at 9-1 under Robert James.
Henry Oliver's Kilfilum Cross was again second best, with the Warren Greatrex-trained Bob Mahler a further length and a half behind.
Elliott said: "This race has been the plan for the last few weeks for this horse, especially after we decided to run Ravenhill in the other race (National Hunt Chase).
"It's a race we like to win and Rob gave him a great ride. We decided we wanted to claim off him and he's very good value for his 7lb.
"He's a top rider and a top man."
Sire Du Berlais had earlier led home an Elliott one-two as he recorded back-to-back victories in the Pertemps Network Final Handicap Hurdle at Cheltenham.
Continuing a fine Festival for Elliott as well as jockey Barry Geraghty and owner JP McManus, Sire Du Berlais (10-1) was revitalised by wearing blinkers for the first time.
The Storyteller, Sire Du Berlais and Tout Les Permis jumped the last virtually together, and it was the first two from the Elliott stable who pulled away.
Sire Du Berlais, carrying top-weight, got on top close home to land the spoils by half a length. Tout Les Permis was six and half lengths away in third place, with Third Wind fourth and Relegate a never-nearer fifth.
When asked which one he was shouting for, Elliott said: "I didn't care, both of them ran well and the horses are running out of their skin. He won it a bit easier than last year, the blinkers help him travel that bit better.
"I'll have to talk to the owners and see what he does next. The Storyteller ran a brilliant race too and had no excuses. I'd imagine we could look at Punchestown for both."
Geraghty said: "I know he'd 11st 9lb last year, but even with 11st 12lbs he had a chance. The Storyteller was the horse I was afaid of. I had to push the ears of him most of the race last year, but he travelled great this year and I could ride a race and was able to deliver.
"There's nothing better than riding winners at Cheltenham."
There was a sad postcript to the race, as it was announced Copper Gone West had suffered a fatal injury.
Her trainer Tim Vaughan said: "She broke an offside fetlock. She was travelling like a dream, but something must have gone wrong going down the hill.
"It's devastating. She was a nice progressive horse who had long-term broodmare prospects."
Concertista maintained Willie Mullins' 100 per cent record in the five runnings of the Daylesford Mares' Novices' Hurdle at Cheltenham with a wide-margin success.
Just touched off by stablemate Eglantine Du Seuil 12 months ago, Concertista went into this race still a maiden - but put that right in emphatic fashion.
Daryl Jacob brought the six-year-old, owned by Simon Munir and Isaac Souede, with a powerful run in the straight and the 9-2 chance shot past stablemate Dolcita as she and stormed up the hill to win by 12 lengths.
Rayna's World passed a host of rivals on the run-in to grab third place for trainer Phil Kirby and jockey Thomas Dowson at odds of 100-1.
Mullins said: "She hadn't won a race since winning on the Flat in France in 2017 - I'm not sure who's been training her! That's a nice way to break the duck, anyway.
"I didn't think she'd go on the ground and I was afraid the race might be too short for her, but she's won impressively.
"She obviously ran very well in the race last year and that form looks good, with the fourth (Black Tears) running well in the handicap on Tuesday.
"Hopefully our mare will be a good mare now. I'm delighted to win the race again."
Simply The Betts gave Harry Whittington a first Cheltenham Festival winner when lifting the Brown Advisory & Merriebelle Stable Plate Handicap Chase.
After going close this week with Rouge Vif (third) in the Arkle and Saint Calvados (second) in the Ryanair, also for owners Kate and Andrew Brooks, Whittington finally graced the winner's enclosure with Gavin Sheehan in the plate.
Simply The Betts (100-30 favourite) stayed out of trouble in front, together with last year's winner Siruh Du Lac.
In a dramatic race, Royal Village and La Bague Au Roi fell out in the country, while Siruh Du Lac came down two out, bringing down Imperial Presence and hampering several others.Simply The Betts surrendered the lead to Happy Diva at the last, but fought his way back to the lead to score by a length and a quarter. Mister Whitaker was a length and three-quarters away in third, with Oldgrangewood fourth.