Given that this event is by far the closest either of us has come to killing an elk, there was an obligatory period of great excitement. We went over our cumulative mistakes and drew four conclusions. Always have cover behind you, not in front (this buggered my buddies shot opportunity). Always communicate very thoroughly (if possible) before diving into an encounter. Once you set in a spot, trust it, and don't move while an elk is coming in.
We realized pretty quickly, that where there is one elk, there will usually be more. We figured they would be further up towards the top of the same bowl, so we devised a game plan. As we were planning our attack on the top of the bowl, the wind began to shift to a quarter that was decidedly not in our favor. But as a Montanan, who has hunted elk all my (admittedly short) life, I had a solution.
We built a smudge fire and thoroughly saturated ourselves in the smoke. This plays two roles for a hunter, the smoke acts as a cover scent, and the carbon eats away body odor. Now smelling strongly of fires, we ventured forth into the fray.