It is a T for swinging the elbows excessively. It does NOT matter whether there was contact or not. The "even though there is no contact" only says that you should not wait for contact to call it.
The foul is NOT a contact foul but an unsportsmanlike foul. It occurs when the elbows are swung, not when the contact is made.
Common sense even says that the penalty for contact should not be less than the penalty for non-contact.
Consider also that fighting is included in this rule. Fighting may well occur during a live ball and it usually involves contact (but may not). But, it is still a flagrant T for the act of fighting even if there is no contact.
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