AElf, Alb, Elf, Aelvor etc.

There's this article about Elves I found on the Net titled :
<<The True Elves of North-West Europe>>
<<by Leonid Korbachev>>
<<(The Unfallen Elves of J.R.R. Tolkien)>>
It explains the original Germanic and Celtic view on these mythic
beings -- he suggests that elves were originally perceived
as "tall", "superior to Men" and "supernaturally fair" beings -- as
evidenced by a host of Germanic names and old legends which pertain
to the ancient description of elves.

Well, is there an Proto-Indo-European etymology to the word <<elf>>.
As we know, it can be traced back to ancient Germanic cognates but
does this word occur in Proto-Indo-European or just a borrowing?

sorry i've been awat for a while
peace out
phil