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Yes, an election can be revoked. There are some limitations and restrictions.Details may be found in instructions. The important part about late election relief - see page 6.To proceed - you need to file a new 8832 - you may mark it as "AMENDED" at the top of the first page to avoid confusions.
In additional - I might suggest to review this discussion related to a similar situation - http://www.taxalmanac.org/index.php/Discussion:Retroactive_Revocation_of_Form_8832_Election