Elastic Motions can only be applied to Props. Text objects (for example, SFX > Special FX Template > Text Comic…) are not props. Those objects have filenames such as "00.Bubble_01.ctText", while props (if saved separately) are of style "Menu.ctProp".
If you want to use Elastic Motions to animate a text object, you will need to:
- generate your text object in a suitable graphics editor and export it as PNG
- bring that file onto your canvas and select Prop as your import option
- apply your elastic motion(s)
NB when you create your text with a transparent background, which you will presumably do in step #1, exporting as a JPG is no use as that format doesn't support background transparency, while PNG does.
Hope this helps?