Elated fellow depressed but well? (6)

I believe the answer is:

upflow

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'well?' is the definition.
I don't know anything about this answer so I can't tell whether this works.

'elated fellow depressed' is the wordplay.
'elated' becomes 'up' (I am not sure about this - if you are sure you should believe this answer much more).
'fellow' becomes 'f' (abbreviation - of a society etc.).
'depressed' becomes 'low' ('low' can be a synonym of 'depressed').
'up'+'f'+'low'='UPFLOW'

'but' is the link.

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I've seen this clue in The Guardian.

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