AE are attack elements
Basically these add 2-2 damage for magic attacks. However this is effected by the monsters EI which is a 10% defence per number in it stat bar.
These can be up to 5 meaning 50% defence to that type of attack.
Most warriors and sins tend not to focus this at higher levels due to DC dealing more damage.
Low level caves like black palace or jinchon can work well with AE over DC as these are weak to a few elements.
EI is 10% defence
AE is generally 2-2 damage magic. 1-1 for mele I think?
EV is negative defence. You do no want this. However some caves have monsters that do no attack with all elements so you can get away with EV on items armours.