To dream that you are ascending in an elevator represents a rise to status and wealth. You may have risen to a higher level of consciousness and are looking at the world from an elevated viewpoint. If the elevator is moving upward in an out of control fashion or it crashes through the roof, then it indicates that you are being catapulted to a position of power in which you do not yet know how to deal with. You are afraid of the new responsibilities ahead for you. Descending in an elevator suggests that you are being grounded or coming back down to reality. It also signifies setbacks and misfortunes.
In general, the up and down action of the elevator represents the ups and downs of your life. It also symbolises emotions and thoughts that are emerging out of and submerging into your subconscious. Alternatively, the dream may have sexual connotations.
To dream that the elevator is out of order or that it is not letting you off symbolises that your emotions have gotten out of control. It may be a reflection of your life or your career. You are feeling stuck in some aspect of your life, whether it is your career, relationship, etc.
To dream that the elevator is moving sideways means that your efforts are counterproductive. You are going nowhere in your work, relationship or other situation.