Yeah, that's a bit off. Element is a multiplier for your weapon's attack (excluding affixes). So, if a weapon has 60 element, take its current attack minus affixes and multiply it by .60, that's how much attack you gain from the element. You get that boost whether the enemy is weak to that element or not. When an enemy is weak to that element, the elemental weakness multiplier effect that as well. So when you hit an enemy with a 1.2x light weakness with a 60 element light weapon, you functionally have a 72 element weapon. However this also works the other way with enemy resistances. So if you tried to attack Elder (who takes 0.1x damage from wind) with a 60 element wind weapon, it'd be like your weapon only had 6 element.
That's only for striking/ranged attacks of course. Techniques don't gain anything from element on your weapon unless you have the element convert skill from force.
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