"It's a good start to the New Year in terms of performance, but performances alone aren't good enough. We have to start picking up points, quickly," Elliot told the club's website (www.nufc.co.uk).
"We're not far from cracking it. You can see we're almost there but it's fine margins and getting those things right. Those small things are the difference between winning and losing.
"The potential is there to be seen. I thought we dominated the game from start to finish. They put us under a bit of pressure but not as much as we put them under."
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The loss left the Magpies third bottom in the table, two points away from safety.
"It was harsh. I thought we played really well but we've got to start taking our chances. Coming to Arsenal, nobody would have given us a chance, but we performed well," Elliot said.
"Petr Cech was probably their best player, and I had the quietest game I've had in a while, which tells its own story.
Newcastle travel to Watford in the FA Cup on Saturday, followed by home league games against Manchester United and West Ham United.
(Reporting by Shravanth Vijayakumar in Bengaluru)
