The Spirit of the Sword(1982)

In this film, there are 5 main clans ruling the martial world, each representing one of the 5 elements - fire, metal, water, wood and earth. Each year they hold a martial arts competition to decide which one of the 5 clans will rule the world. The story is centered around one of these tournaments, as a catastrophe arises when an evil samurai killer shows up 49 days before the start and tries to assassinate the current leader who happens to be from the Water clan.