Fourth, the seal or token is the sacrament, the bread and wine, under which are his true body and blood. For everything that is in this sacrament must be living. Therefore Christ did not put it in dead writing and seals, but in living words and signs which we use from day to day. And this is what is meant when the priest elevates the host, by which he addresses us rather than God. It is as if he were saying to us, “Behold, this is the seal and sign of the testament in which Christ has bequeathed to us the remission of all sins and eternal life.” In agreement with this is also that which is sung by the choir, “Blessed be he who comes to us in the name of God,” whereby we testify how [in the sacrament] we receive blessings from God, and do not sacrifice or give to God.
-Martin Luther, “A Treatise on the New Testament, that is, the Holy Mass,” AE 35:86
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And don't forget his comments in the German Mass:
We do not want to abolish the elevation, but retain it because it goes well with the German Sanctus and signifies that Christ has commanded us to remember him.27 For just as the sacrament is bodily elevated, and yet Christ’s body and blood are not seen in it, so he is also remembered and elevated by the word of the sermon and is confessed and adored in the reception of the sacrament. In each case he is apprehended only by faith; for we cannot see how Christ gives his body and blood for us and even now daily shows and offers it before God to obtain grace for us.
Unfortunately, the footnote says, "The elevation was abolished in Wittenberg in 1542."
(AE 53:V-82)