I have taken two elk with a .50 caliber ML. One was a 450 lb cow with a 370 TC Maxi Ball and 80 grains of Goex 2f from a CVA Bobcat. The second was a 600 lb cow with a 385 Hornady Great Plains and 90 Grains of Goex 2f from a Traditions Pursuit. The first broke the back and did not exit. The second elk, the bullet penetrated both shoulders and I recovered bullet just under the hide on the far side. Those two bullets will work for elk, and I believe they fall under the 2x rule in Colorado. FYI - The Hornady bullet weighed 375 grains as I recovered it.
Later,
Marcial