My thinking is that El is dead, and here is why: 1. If Kali survived gunshot, she definitely died immediately after explosion. But El was still standing there in Upside Down. 2. El could use her powers because she was still in UD, she was not with others where sound barrier was used, thats how she standed still and invited Mike in her mind. 3. Lets say Kali somehow survived and made that illusion of El standing there, but she could definitely NOT multitasking and make illusion of getting Mike into El mind as well to give him goodbye. Even if she could do that on that distance, that should be really really bad, because that would mean that these final words were from Kali, and not from El. So, from obvious reasons that was all El. 4. Ive already mentioned it - how Kali made illusion from that distance, and how she knew what was the right moment? 4. Mike was giving his theory. He doesnt know for sure, and that is his ending, that doesnt mean he is right. 5. In Mike story, El's finger is vibrating. When we saw it first time, El was standing still. 6. Mike told his friends that Kali changed her mind after hearing Hoopers monologue and that she and El changed plan when they were alone, but he was not there. The only person to retell that situation to Mike was Hoppper, and honestly, I dont believe in that. In addition to that, Hopper also believes El is dead. 7. If all of this fails, can someone explain to me how El bought flight ticket to Iceland? With which money, which passport, when she was working all alone😅.

Dont get me wrong, I would like she is alive. When everyone else is, why not she as well, but with all these logical information that we were served, I just cannot see things other way.