The time of the Elves has ended and they are leaving Middle Earth, and it's keeping, to the race of Men. They go back to Valinor... many of them came from there to begin with, but there are also Elves who have never seen the light of Valinor. Many Elves were exiled and are pardoned to re-enter. If you want to learn more on this matter read The Silmarillion.
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