Modern companies cannot afford downtime due to traffic spikes, which is why AWS's Elastic Load Balancer (ELB) is crucial for maintaining elasticity and scalability in applications. ELB enables applications to distribute user requests across multiple resources, ensuring high availability and flexibility, and supports autoscaling through Auto Scaling Groups and monitoring via CloudWatch. AWS offers three types of load balancers: Classic Load Balancer for EC2-Classic networks, Application Load Balancer (ALB) for advanced HTTP/HTTPS traffic routing, and Network Load Balancer (NLB) for handling high loads with low latency and static IP addresses. Monitoring and logging via AWS tools like CloudWatch and VPC Flow Logs help track metrics such as HealthyHostCount and TCP resets, but the analysis of logs stored in AWS's S3 requires additional tools like Logz.io’s ELK Stack for deeper insights. Ultimately, while AWS load balancers effectively route traffic, the responsibility of analyzing and utilizing the data to enhance application performance lies with the user.