5 water points denotes a person who is "very" much like the following keywords, whereas 6 or more points for the water element denotes a person who is "overly":
People with Water as the dominant element (6 or more water points) in the birth chart frequently lose themselves in their feelings or the feelings of others, and have difficulty maintaining their separateness. Their extreme sensitivity often leads them to withdraw into themselves. Often quite psychic*, they respond with great compassion to the needs of other people.
* Some chart configurations and aspects are generally attributed the "psychic" quality, especially when the Ascendant (Rising Sign) is involved. We use the word "psychic" to describe something that is very natural to them (not super-natural). It's simply that their extreme sensitivity to the undercurrent of their surroundings gives them a high level of awareness to emotional rhythms; these people are naturally attuned to the flow/pattern of emotional rhythms and vibrations. Knowing the next "beat" in the pattern of vibrations can make those people seem "psychic." We call that "psychic" because most of us don't share that high level of alertness/awareness. But it's not necessarily supernatural; just a natural, keen awareness.