I have a directory with CPT of organizations, and each organization is active in several states, which are the taxonomy. I'm creating the archive to list a short bit of info on each organization; this code is needed for the archive.
Note that I am using the wpv-found-count to display the total number of terms (which could replace your custom shortcode), and then in the loop section I'm using the wpv-item shortcode to specify that the 6th term, if it exists, will output an ellipsis, while the other terms will be output inside span tags that you can style accordingly. I also removed the No items found text in case any post has no terms assigned.
Lastly, you don't really need the wrapper div, so disable that to simplify the output.
Then insert this View into the loop section of your custom archive where you want it to appear.