There shouldn't be much there at all, let alone something you can feel something inside of. You may have put the elastic on too low. Always, when putting an elastic on a bull calf, count to 2 before you take the pliers off. It's the best extra 10 seconds you can spend.
I'd get someone who has some experience to check this out. We get feeders every year who've been done wrong with elastics and it is Hubby's pet peeve. They can be fixed but it needs to be done by someone who knows what they're doing.
We've found that with a lot of this sort of thing, it is well worth the money to have your vet show you how to do it right. That's how Hubby learned to castrate with a knife, and it was worth the extra effort.