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Seems to me that your boat is similar in design to the J-105; in rated area and size, etc. I can't say for sure about the sailing properties because it appears that Elans are primarily sold/sailed in Europe. The listings on Yachtworld only show them available in Europe/UK. That's why I hesitate to say exactly what the problem is.
If I were betting; I'd say that the problem is due to the high SA/D ratio and that the boat is getting overpowered earlier than a heavier boat or a boat with less sail area. The J-105 fleet racers say that they are a beast in heavy wind and they are always cranking the backstay up and spilling the traveler down to keep the boat on it's feet; of course they are pushing it to the limits when racing in their fleet. These tactics also require a crew who is constantly trimming and "rail meat" to help stabilize the boat.
Again; I'd try reefing it down good and then see how the boat performs. You'd be amazed that when you reduce sail area; your leeway reduces, the boat stands up and is able to sail at a more optimal angle of heel and can actually go faster. Your pointing might be a bit reduced depending on sail shape but hey if the boat goes faster and is easier to control you are going to make your destination more quickly and with less struggle.
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