Lots of great advise so far. Let me add a few things: Before you start changing out rings, base, scope, etc, go thru your mounting procedure again. You didn't mention if you bore sighted the scope. This is quick and easy with a bolt action. I mount all my scopes and can recall only once having an issue like you described. I ended up having to shim the rear ring with two layers of black electrical tape on a Browning BAR with a Leupold scope and rings.
Suggest you try the following, it's easy and you don't need to buy anything. If it doesn't work, then change out rings, etc.
1. Since the elevation is currently maxed out, crank your elevation cross hair all the way down and count the turns or clicks.
2. Bring the elevation cross hair back up half way. This will put the elevation cross hair in the exact middle of the adjustment range, which is a good starting point.
3. Do the same thing with the windage. The cross hairs are now in theory centered in the scopes adjustment range.
4. Remove the bolt from the rifle and lossen the rings on the scope.
5. Place the rifle on sand bags just like you would for a shooting session, where the rifle can be safely pointed at a distant wall or door. I normally do this in my house and point the rifle down a hallway. The longer the distance, the better, with 20 to 30 ft being workable
6. Plumb bob the rifle to be straight up and down. I hold a Tipton cleaning rod by the tip and use the weighted handle as the plumb bob. Hold the rod near the recoil pad on the stock and adjust the rifle to be sure it's straight up and down. After each step, re-check the plumb.
7. Look thru the barrel and see where it is pointing to on the far wall or doorway. I like to get the barrel pointed at a straight vertical line, like the edge of a door. You can put a piece tape or an orange sticky dot from a target to mark the spot the barrel is pointing at. Alternatively, you can tape a target or piece of paper with a vertical line on the wall and use a level to true up the vertical line. I'll use a laser pointer to shine down the barrel and see the laser dot on the far wall. Have a helper mark the spot where the laser dot is.
8. Now look thru the scope. Get the vertical cross hair lined up with the vertical line on the wall. Recheck the plum of the rifle.
9. Slide the scope forward and backwards to adjust the point of aim for the scope to attempt to match it to the barrels point of aim.
10. If you can get it close, snug up the rings and be sure to rechck the plumb or the rifle and the vertical cross hair on the wall.
11. Mount the gun and check your eye relief. Is it okay? Try closing your eyes, mount the gun to where it feels right and then open your eyes. Can you see thru the scope? Did you have to adjust your head much or to where it doesn't feel natural?
I've used this method on several rifles and will always be within a couple of inches of where I want to zero my scope. Good bore sighting saves time and ammo on the range.
