That was the old rule, and doesn't quite seem to hold true anymore as they've changed the medical system again. I compiled this chart from the ACE files after the latest release:

My suggestion is you use elastic for everything except avulsion/velocity, with avulsion using packing
and velocity using quikclot. The reason for this is that you shouldn't ever have to use more than 2 bandages per wound then - whereas if you use packing for large velocity wounds you'll need 4 bandages. Note that this will probably be arbitrarily rearranged in the next update too if past experience is anything to go by, and I'll produce a new table at that time.