This is probably of little help, but, I do know a guy that wears one for slalom, and compared to wear you where one on jump (just above hip level, around elbow level because the point is to draw your arm down a little) he wears it high up around his bicep. He does this for better pull, and to save his shoulder/collar bone. I honestly don't think it will help you, as with wakeboarding you need some more mobility, and will get in situations where you need your arm to extend out. Since you have it, try wearing it in different locations starting at above elbow and then work your way up. If it is not feeling right, don't push it, and change it immediately. Maybe mess with how tight it fits you too.
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