I see the root (LM, or merely LM, as consisting of the combination of the single-consonant root L, 'lofty', and the single-consonant root M, 'massive, vast'. in the HB, (OLAM is mostly applied to time, but is nowadays used also for space, in the sense of 'universe, world'.***
In the word ELEM, the reference is to the body.
The root עלם appears also in the form אלם, as in אלומה, 'sheaf, large pile', and אולם, 'large hall'. Nowadays אלים is 'bully, intimidator'.
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