you will have no trouble killing an elk with a .308, my hunting rifle is a 20" CTR that may become and 18" here pretty soon. You just need to figure out your effective range, this comes from a few aspects like how far you are comfortable shooting that rifle, with the ammunition you choose what is the minimum expansion velocity? if you run a typical target/hunting round it is usually 1800fps, Hornady ELD-X's are 1600fps and i think the new Fed Edge TLR's are 1350fps. Then you need to figure out the minimum amount of energy you are willing to use on an elk, for me thats roughly 1000 ft/lbs but i think most people use 1500ft/lbs as a minimum. from those 3 criteria you can then figure out your effective range. for me and my tikka that puts my minimum velocity threshold at 789.7yds and my 1000 ft/lb energy threshold at 798.7yds so roughly 800yds. but there are lots of factors at play so these calculation need to be taking the day you are hunting depending on the weather, during hunting season in the cold those numbers may be at 6/700yds. i am comfortable making 1st round hits at 800yds on a stop sign which is a little bigger then the vitals on an elk, but i would probably not be comfortable making that shot on a elk. In the end you have to decide what your ethically range is and what you're comfortable with and make choices on the conditions present, but .308 is definitely not under gunned for elk!