Here is a link to a post that I put up about this exact time last year.
http://www.outdoorsmenforum.ca/showt...ighlight=river
All the rivers, streams and lakes are higher than last season. The high snow pack this year and weather has put everything behind by about 2 to 3 weeks from normal. So the Elk will be higher than normal. But it should be very fishable right now.
As for flies at this time of year I would use a chernoble ant, parachute black ant, green drakes, fire ants, foam body caddis, and elk hair caddis. If your nymphing then I would use a prince nymph, stonefly, and caddis imitations.
A 5wt rod is all you need. But a 6wt will give you some more back bone. If your thinking of targeting the bulls then I would use an 8wt. They can be brutes in that river. If your going after the bulls then use large 3" or 4" barbell eye'd double bunnies or large streamers.
Good luck and have a great trip.
Rob