Many factors will determine where you find elk. Weather, snow depth, hunting pressure, cover, food/water source availablity, migration, etc. In general, later in the season you won't find them above tree line, BUT if the snow depths aren't deep and the weather is fair, they could still be high up the mountain. Sometimes, pressure will move them up and sometimes it will move them down. If there is private land near that has little to no hunting pressure, they will move there soon after the first season. Not all elk have that luxury though.
Where you hunt by the third season will be dictated by snow levels and depths. Some areas will be a zoo, ya gotta get away from the roads/trails. Even just 1 mile will get you away from a lot of hunters. Look into areas that require 1 or 2 preference points, and plan on hunting every other year. By doing this, you'll get away from the zoo atmosphere greatly. There's always a chance at a bull, better chance at a cow, BUT you know how that can be, if ya have a cow tag, you'll see bulls, and visa-versa!

Hunting the archery season is a blast, especially if you get into cold weather and bugling bulls. Nothing beats sitting and listening to bugling bulls, with scenery that is to die for. In most areas in CO., the bugling is really just getting cranked up, due to the cooler snowy weather. Last weekend in the area I am hunting, once we located a herd, it was incredible action.