Yes, but there are a few gotcha to keep in mind:
If you have a single server, ensure you don't return anything except 200 to the page that ELB uses to check health. We had a 301 from our non-www to www site, and that made ELB not send anything to our server because of it.
You'll get the ELB's IP instead of the client's in your logs. There is an ngx_real_ip module, but it takes from config hacking to get it to work.