Goals from Marcelo and Marco Asensio either side of half-time cancelled out Joshua Kimmich's 28th minute opener during the first leg played in Munich to leave the double defending European champions in the driving seat ahead of Tuesday's second leg in Madrid.
Brazilian legend Elber, who enjoyed a good career at Bayern Munich that included winning the same Champions League trophy in 2000-01 season, now says the game is not over yet and that Madrid should not celebrate.
Speaking to journalists sponsored by StarTimes to a Bundesliga tour in Munich after the Germany giants cruised to a comfortable 4-1 victory past Frankfurt on Saturday, Elber maintained that 90 minutes will decide the contest.
“Bayern had the best chance to win the first leg but blew it away. Honestly speaking, they (Bayern) were the best team during the night but could not take their chances. I still believe that the tie is still wide open and Bayern can get the result they want in Madrid and reach the final.
“Last season, they failed again in the same stage but this season I think they still have the chance to make things right. The key for them to get a good result is by taking their chances. They need to put away those scoring chances as that is the only way to return into the game.”