This thread is resolved. Here is a description of the problem and solution.
Problem: How to translate login form strings generated from Avada shortcode.
Solution: 1) Go to WPML -> Theme and Plugins localization and check the "Translate the theme and plugins using WPML's String Translation" checkbox
2) Scroll down the page to the sections "Strings in the theme/plugins"
3) Choose the Fusion Core Plugins and click the button "Scan the plugins for strings"
4) Once the scanning process is finished, go to WPML -> Strings translation. Search for the strings and translate them in the secondary languages.
Relevant Documentation: https://wpml.org/documentation/getting-started-guide/string-translation/
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