  We study the phenomenology of fixed-target elastic $J/\psi$ photoproduction
in the NRQCD factorization formalism. Our the goal is to test an essential
feature of this formalism --- the color-octet mechanism. We obtain an
order-of-magnitude estimate for a certain linear combination of NRQCD
color-octet matrix elements. Our estimate is consistent with other empirical
determinations and with the $v$-scaling rules of NRQCD.
