The highest Elo rating to date is 2882, which belongs to Carlsen, while the last Elo rating of Kasparov is 2851. Could I have an Elo rating of 2950 or maybe 3000? Does the Elo rating have a limit?
No, Elo ratings have no theoretical limit. If Alice scored 76% against Carlsen (rating 2853) consistently, she would stabilize at a rating of 3053*, and if Bob scored 76% against Alice, he would stabilize at a rating of 3253**, etc. There is no theoretical end to this sequence. However, consensus seems to be that in practice a perfect player would have a rating somewhere in the 3000s.
*Assuming Carlsen performed well enough against other people that his rating stayed at 2853
**Assuming Alice performed well enough against other people that her rating stayed at 3053
Elo is a relative scale that measures the winning probability between two players. The scale itself is arbitrary and there are many variations but here is no upper limit as such if the game is complicated enough and has enough room for improvements in game play.
In the game of Go a top professional has Elo rating around 6800 (KGS system), but a good AI engine can reach far beyond that. For example the Leela Zero Go engine has a current rating of 11,000+ (May 2018, after training on 7.5 million self-played games), and it is still improving. The game itself has enough complexities so how much further we can push up the Elo rating will be limited by the speed of the computer used and how much computer resources we use to train the AI.
As ratings go higher , the proportion of perfect games will increase and therefore if chess is a theoretical draw, the rate of draws will also increase (assuming most games are played against players of similar rating.) This is borne out by the graph here which if extrapolated indicates that 100% draws would occur for engines at a rating of about 5200.