Your gun is fine.
I've killed several elk with a 30-06 and even more with a 25-06.
I mostly hunt with a 270WSM now days using 140g Barnes TSX and I've killed a bunch of elk with that rifle

If you are comfortable with your 30-06. I wouldn't buy a new rifle.

The .30-06 is fine, but if you need to tell your wife it's not powerful enough, we've got your back.

338 win mag would be helpful on elk, but it isn't necessary.

I killed my bull with a 120 Partition. Your 30-06 is a great gun. Barnes X are a high weight retention bullet. Looks like a recipe for success to me!!!

Thanks for the information. Do you think my choice in bullets is good for the '06? Would you feel you were at a disadvantage using a single shot or would you typically not get a second shot off anyway? Reason I ask is because I can get a great deal on a 300 win mag barrel for my TC encore. Or should I just forget it and use the Rem 700 30-06?

Thanks again,
Mike

If you feel the need for another rifle then go ahead and get it....we all know how much of an obsession guns are hahaha. but your 30-06 will be fine just the same!!

Most of the elk I've shot gave me a chance at a follow up shot. More than likely a single shot will do the trick, but an elk can a LOOOONG way with a marginal hit. Shoot him well on that first shot, then keep shooting him till he goes down. For that, a repeater is a better choice.
I told you, we got your back if you need an excuse for a new gun. Tell the wife a .30-06 can't even penetrate the hide on a big bull, that it's just a deer gun. It may not even be enough for a big Rocky Mountain mule deer. You NEED something bigger, like an 8mm Remington Mag, .325 WSM, .338 Win Mag, .358 Norma, .375 Ruger, etc. In fact, you probably need two new elk guns, just in case you damage one.
Can't come all the way out here and risk failure by having only one gun, right?

There's an old saying which goes kill them till their dead. If an Elk or any other animal is on their feet (especially an elk as their so tough) hit em again. You hit em till their on the ground. Animals have been lost that have hit the dirt you think it's all over and get lax and suddenly five minutes later as your hiking to it or celebrating prematurely their on their feet and gone. A one shot kill is great and possible, but always be prepared for a follow up. Either caliber will work.

MY wife needs a 308 for Oryx, so what I would do is get her ok for that and get me the 338 both for my Encore, then take the '06 with 180gr loads and go kill the Elk

Thanks for all of the info. I think I'm going to stick with the '06 and have it upgraded... trigger job, glass bedding, swap out walnut for laminated stock and put better optics on it. Any bullets that you would recommend over the Barnes? E-tip? Winchester XP3?

Thanks again,
Mike