Slope of elastic part of stress strain diagram does'nt give right young's modulus of material. Machine stiffness has to be taken care of for getting the correct value of young's modulus. How can we use machine stiffness to get the correct value?
If you know the Machine stiffness then it is a function of Youngs modulus, cross head velocity, and specimen dimensions, so if you know all these values then its possible to calculate that. cant write the expression here.
Check out the paper by Hockett and Gillis, Int. J. MEch. Sci, 13, 251-75, 1971