I did the exact same thing so I'm here to offer my advice as well. The 2 main factors I've noticed with this coral is lighting and flow. The more you find out about them, the more you'll realize how today's super clean, intensely lit reef tanks are not good conditions for them at all. I've had an elegance for about 8 months and it seems to prefer low light and just enough flow to gently sway its tentacles. Mine did best when I had both my pumps on opposite cycles and 32watt t8's (one actinic, one daylight). I later upgraded to a t5/led/hqi odyssea setup and it's just now at about 70% expansion with only 1 54watt t5 daylight and actinic on. Mine is very sensitive to light. I actually had to put 3 layers of screen door material along with a piece of white paper over the area of my t5 lighting above the elegance to get it somewhat happy. I don't target feed mine (fish/shrimp will grab it) but I do notice when I feed its tentacles will close up around what I'm assuming are small bits of food.
As an example of how light temperamental mine is, here's a couple before and after pictures taken of my tank when I did my lighting upgrade. The elegance is in on the right side.
Before
After
The pictures were taken several months ago. I had the coral for about 5 at the time. Currently, it reaches about 80-85% of it's original extension even after 3 months under the screens and paper. Though it does seem to be growing and healthy, it does not extend out like it used to. My guess is maybe due to the increased lighting it doesnt need to open up as much, but who knows.
The elegance hosts 2 clowns that it doesn't seem to mind at all, and I have a banded coral shrimp that enjoys trying to walk all over it during feeding time (I'm diligent in chasing the shrimp off asap when I do notice.) There is also a user on the forums named ElegenceCoral who's offered up a lot of information here that I have bookmarked when I was reading up about it.
Since purchasing the coral, my tank lighting and powerhead positiong/flow now revolves around it. That's what I get for impulse buying, lesson learned, though it is my favorite! BTW I used to live in Charlotte. Great city- I loved the whitewater center and Moosehead has the best damn hot wings I've ever had.
Good luck with the coral, I really hope it works out for you.