So glad it wasn't just me thinking that when I looked at it this morning quickly...Honestly, it's a bit of a mess. There's too many things wrong with it to even begin to describe.
What's the significance of the ellipse? Simplify, simplify, simplify.
Do a bit of research and actually look at some logos and work out how they were produced.
Pick up a pencil and some paper and sketch a few ideas first. Most importantly, keep it simple.