I should have included this in last nights post. A few quick things you can check would be to make sure the hairspring is running between the index pins and not outside. Also the spring should be moving between both pins and making contact with both pins when the balance wheel is ocillating. Also check that the amplitude of the balance is adequate (around 270 degrees of rotation for that Elgin) and does not change much when moving the watch to the different positions that I mentioned in last nights post.
Please let us know what you come up with,