I think you're going to struggle against a few of the stronger lists. The heroes are good but you're pretty all in on the shooting and if that doesn't work, if you run into a high defense army, or another good shooting army with higher numbers, or if the terrain or objectives make it so you can't just sit back not having the regular troops is gonna hurt.
I've played elves a decent amount and they all tend to play the same, try to get as many kills with shooting as possible, get a good defensible position on or as close to as many objectives as possible, then dig in and hope your heroes can kill enough troops before all your elves get swarmed. Your troops are expensive and so are the heroes so you're always going to be out numbered so picking off troops with shooting and then picking your fights carefully are really important. It is also important when picking fights to have some troops just trying to hold the line 1v2 or 1v3 even and hopefully they will be able to shield, double their dice, and hope to ride out their higher fight value to wins and hold the line while your heroes and the fights you can afford to gang up on pull the weight. This is more or less true depending on which elf list but generally the same.
I think a more competitive list would be to take the mirkwood elf warriors to replace most of the rangers. It would bolster your numbers, they've got higher defense, and can take glaives or shields which allow them to be those troops to hold the line shielding while Thranduil and Tauriel chop up enemy troops. I think the rangers are best used dropped in one or two in each warband where you cheat the bow limit when you've already taken four mirkwood warriors with bows. The rangers also do way better when you have some spears who can support them. Charge a ranger into troops with a lower fight, add a dice, then follow with a support giving you 3 dice v 2 with a higher fight. Not horrible. If you aren't taking the mirkwood warriors cause of costly $$$ the models are, I'd definitely recommend a couple palace guard thrown in there. They got a bad rep for not being well costed, which isn't untrue, but in the new book they got a couple points knocked off, which makes them a little more viable and I think you're going to need some troops with shields and a little higher defense to hold your lines or objectives.
I'd also definitely put Thranduil on his elk, it just better then the horse, I think. Gives him a really decent bang for your buck while he can stay on it which is really helpful for cracking higher defense armies which are often tough for elves to deal with. It wouldn't be bad to put Legolas on a horse too if possible.
I think at 700 points I'd try to play something like this?
Warband 1 11/12 Thranduil, King of the Woodland Realm with Elk 1 Palace Guard 3 Mirkwood Elf with Shield; Elven blade 2 Mirkwood Elf with Elven glaive 4 Mirkwood Elf with Elf bow 1 Mirkwood Cavalry Warband 2 10/12 Legolas, Prince of Mirkwood with Elven Cloak 4 Mirkwood Elf with Shield; Elven blade 2 Mirkwood Elf with Elven glaive 4 Mirkwood Elf with Elf bow Warband 3 10/12 Tauriel 1 Mirkwood Ranger 4 Mirkwood Elf with Shield; Elven blade 2 Mirkwood Elf with Elven glaive 3 Mirkwood Elf with Elf bow
That's 34 models, 12 bow shots, plus Tauriel and Legolas
_________________ Cheers,
P
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