Your right knee sticks out to the right on the back swing, which carries your body over with it. To fix, keep your right foot square (12 o' clock).
I think you need to have a wider stance. Most people recommend a narrow stance, but it seems you are losing balance at the end of your swing. Wide stance gives you a firm base. Heels shoulder width apart on a 5 iron, wider for the longer clubs and more narrow for the shorter clubs.
The upper part of your arms should be pressed hard against the sides of your chest, and your arms should be as close to your body as possible. Don't slouch your shoulders.
The biggest thing I notice is the problem with your hip turn. First, your hips turn too early. At the start of the swing, your hands, arms, and shoulders should move together almost simultaneously. The movement of the hands, arms, and shoulders should pull the hips. This creates tension in the core, which unwinds and produces distance.
Look at Ben Hogan. His swing starts at 1:06, and he's only moving his hands, arms, and shoulders. His hips don't start to turn until a second later, at 1:07, when his hands approach hip level.
To add to the right knee problem... if the right foot is pointed out to the right and not at 12 o' clock, the hips will overturn and there will not be enough tension between the upper and lower body to create maximum club head speed.
Anyway, there is no one swing correct. Check your grip, and if it's correct, check your stance and posture. When you have a good stance and posture work on the back swing, then work on the downswing. If you have a correct grip, stance and posture, and waggle correctly you can practically forget about what the hands and arms are doing... everything will fall together.
Highly recommend you get Hogan's book (5 lessons).