Given what we know about the use of spectrums, we can confirm that the positions of peaks and dips provide information as to the elemental composition of the object in question.
The question asks about the dips and peaks of a spectrum, which allows us to assume we are dealing with Infrared spectroscopy and IR spectrums. This is defined as the measurement of how certain matter interacts with infrared radiation.
These graphs are used to measure how this matter absorbs, reflects, or even emits said radiation. Therefore, the use of spectrums allows us to infer as to the chemicals present or functional groups of an object, and therefore its elemental composition.
When looking at the spectrum graph, we will see that at times the curve dips down, which indicates that less light is transmitted. That means light is being absorbed. Due to the fact that bonds absorb different frequencies of light, the peaks tell you what kinds of bonds are present from which we can identify the elemental composition.
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