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I've had several sets of Elka's in the past.  There is a hex head bolt somewhere on that adjustment collar that needs to be loosened.  When the hex head bolt is tight it clamps the adjustment collar onto the threaded shock body, and it wont move.  Once the hex head bolt is loosened, the collar should be easy to move.

I don't know if the L-shaped tool you have is a spanner wrench for Elka shocks, or if it is the hex head wrench you need to use to loosen the lock bolt on the adjustment collar.  What I did is make my own preload wrench with a screwdriver.  I believe either a #1 or #2 phillips screw driver is the correct size to fit perfectly in the holes in the adjustment collar.  Just cut the tip off of the screw driver, and presto, chango, you have a really nice preload adjusting wrench that gives you excellent leverage for turning that adjustment collar.