If you are at 9 o'clock position on the sensitivity and the knob is at the correct position on the shaft you are at Max sensitivity. At this you will get some falsing and by coming at the target from a different angle you will see it is iron as the target has moved.
I take it you are running your Elite in disc and have the disc set low or off along with the notch at off position.
Running high sensitivity such as this is more for those that are experienced with the Sovereigns and want to go very slow, or work a area they know may hold some deeper targets, but like I say you will have to go sloooow.
I think you will find that if you new to the Sovereign auto may be the best for sensitivity, if you know it well a sensitivity of 10-12 will probably do the best for you for depth without getting a lot of falsing.
Running at max sensitivity or close to it is something I do very little with as I have to go so slow and listen so close and do much more checking each target more, plus have to dig more iffy signals and do get more trash too. This is why I use it very little, but do use it at times.
When i was doing the field test on the new S12 Intruder for Sun Ray a few years ago for park use I tried to run it max at this one old park and didn't cover much ground, but found some older coins that we missed even with the Explorers. I tried it lower sensitivity too and did well with all the park trash we have also.
I feel myself sensitivity setting goes more by how well you know your Sovereign and how slow you want to hunt, too much sensitivity and too fast sweep speed and you will lose depth over lower sensitivity and normal sweep speed.
Good luck with your Elite, try 10-12 o'clock postion on the sensitivity and swing slow enough so you can hear the threshold changing when it sees a different target is how I get my best depth.
Rick