@dickwad when you first loaded DQ onto your device, all weapons you started with did Arcane Element Damage. the Pink Element? monsters don't have any resistance to Arcane Element, but they can be Greatly Resistant if they have the Greatly Resist Monster Affix. the Elemental Critical for Arcane Element is Orbit. it shows as Spheres of Arcane Element that fly around the caster like Scalp, except it is only one Sphere per Crit. if you crit a lot of targets at the same time, you can have multiple spheres flying around, and they are affected by Living Force. if you are in a pack of monsters, lots of spheres could be flying around. but their orbit path is similar to Whirling Blades, and they don't follow you when you move, so act like Scalp in that respect.
another thing I have noticed is when you use Prismatic. if your weapon is Arcane Element and you use Prismatic, 5 different Elements will show. but if you use any of the other Elements (Poison, Shock, Fire, or Ice) with Prismatic, Arcane Element wont show up, but the other 3 will.