Really cool idea! The thought of combining only two alchemical elements to achieve different effects is such a great one for the limitation: as a proof of concept this really works, and I would love to see an expanded post-jam version of this!
One thing I’ll say is that right now the game lacks a bit of feedback to the player: it’s not easy to spot when you’ve been hit or what each element does to enemies, making it more difficult to understand how they interact in combo. Nothing you couldn’t add with just a few more hours of development though, overall the game is fun!