Last December I turned the setting on my water heater to 140 degrees. A couple of days later, there was no hot water. I pressed the reset button and set the dial back halfway. On Saturday, we noticed our hot water was excessively hot all day. Then on Sunday night, we had no hot water. Again, I went out and pressed the reset button again. This time I turned the dial back to it original setting. What gives? Shouldn't I be able to increase the setting on my WH? Is this a sign that the element(s) are going bad?

Thanks,
DannyGilx