Chakra is composed of mental energy and physical energy . Mental energy give it desired properties and shape but physical energy gave it power . Thus chakra is very versatile and depend upon our creativity once there wasn't 5 know element there have to be some start in naruto world like Nara clans Shadow element or Akamichi clan size alteration or Yamanaka clan Mind techniqui but they all have to somewhere there have to be someone who discover these new element or techniqui but recently I read certain fanfiction which explain how to mould your chakra into space element. Space is element is common forte of 4th hokage ,2nd hokage ,obiti uchiha and Sasuke uchiha ,later are seen using dojutsu for space control while former seem to use seal but is there any other methods to mould your chakra into space element ? Yes there is , what we heard about naruto wind nature chakra training it that one have to imagine particular property of element like wind is sharp thus it cutting leaf in two part where as space is 4d in nature and it have all separate properties . What I have conclude that everyone have there personal dimension lie obito sharing have but it's hard for everyone to gain access to it where as people who are particularly talented can still sense but due to no know proper way they have to depend on seal thus like leaf training exercise in which for wind we imagine leaf cut through our chakra or for fire we imagine burn or for earth we imagine crumble etc thus we can pass our chakra from leaf and imagine it containing in our personal dimension .This way we can mould our chakra into space element but we have to continuously practice containing larger object till we can make our shadow clone sent to our personal dimension which increase knowlage about personal dimension. Not only space but I have been thinking naruto chakra cloak have light element but that he is to big of an idiot to understand it thus what if we try to pass our chakra to leaf and try to mould into bright shining light which can let us manupilate light element as we know light element is fastest element same can be does by dark element by imagining unqui property of darkness but that not the end with imagination, understanding and proper mental image we can convert our chakra to any nature as long as we can understand about it . Thus chakra has no limit as we can gave chakra desired nature through our mental energy and gave it proper power with physical energy we could even creat crystal element by imagining leaf to turn in crytalize form by passing our chakra through them. Chakra has limitless properties all depend upon our imagination .
(I want to request any read who is interesting in writing fanfiction just do it , don't think much as fanfiction is only thing which make my life entertaining as writing fanfiction is not my cup of tea thus I just delves into theories and different kind of uses.)