Concept:
Outcrop patterns of folds depend on whether the fold is plunging, non-plunging or doubly plunging.
Step 1: Understand elliptical outcrop pattern.
An elliptical outcrop pattern is produced when the fold closes at both ends.
Step 2: Identify the fold type.
A doubly plunging fold plunges in two opposite directions. Because of this, the outcrop pattern becomes elliptical or closed on a level surface.
\[
\text{Elliptical outcrop} \Rightarrow \text{Doubly plunging fold}
\]
Step 3: Final answer.
Therefore, elliptical outcrops are commonly exhibited by doubly plunging folds.
\[
\therefore \text{Correct Answer is (B)}
\]