Yes that's correct there is two wires.The one with the elite should go on the bolt for the coil and the other should be for the kill switch for the carby.Then another wire come from somewhere on the cowl (Usually) to the carby.Then there should be anther wire (Your ignition wire) which goes into your ignition plate.
Here's a picture of one of mine and you can see the wires better.Also you've got this subject as a Twin Supreme Wire,but I can see it has the orange base so it would only be a 500 Twin.
Hope this helps.
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2017/04/full-5048-34088-100_0978.jpg)
![[Linked Image]](https://www.outdoorking-forum.com.au/forum/uploads/usergals/2017/04/full-5048-34089-100_0980.jpg)