Are they both the same but the magica resists all elements plus other attacks vs just one element, or do they do different things? It's not practical to carry a complete set for each element so I was thinking resist magic on the armor and rings and amulets for each element.

Elemental Resist is for Ice, Flame, Wind and Shock.

Magic Resist is any magic based attacks, which includes the above.

But not all elemental attacks are Magic based, so those Flame Traps, Elemental will protect you on those, but not Resist Magic.

The difference is, I think you can get more Elemental than Magic Resist (it should be that way anyway) on the Glyphs as it's more focused. But for sure you get protection from more sources of Fire etc with Elemental.

Magic resistance protects you from all types of magic, but is typically of a lesser magnitude than a specific resistance. So you can be equally as protected against all elements, or be very strongly protected against a specific one.

Also, the cap for both resist magic and resist element is 85%, but the effects will stack to a point, so with both max resist magic and resist element, you can get resistance all the way up to 97.75%

oh, wow, no kidding? i had no clue. that's quite a nugget.