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I'm narrowing down my final enchantments on my final armor... All melee foes strike weak and pathetic blows to my near-invincible daedric armor, but spellcasters rip through it and tear me to shreds. I'm beginning to get destroyed by dragons as well due to the fact that my smithing, enchanting, sneak, and alchemy are so much higher than my combat.

I want to be able to survive these spellcasters... but I'm confused about magic resistance. If I enchanted my armor with magic resistance bonus, would it prevent frost, fire, and shock damage? Or would it solely protect me from Magic based attacks.

And, if magic resistance doesn't protect against the elemental spells, what is the most important element (frost, fire, shock) to have resistance for?

Magic resistances block all magics; illusion, destruction, conjuration, restoration, all spells baddies can throw at you. However, they're generally not as effective as having specific resistances like frost or fire.

It depends on your character's weakness:

Frost does damage to stamina.

Shock does damage to magicka

Fire does extra damage to health.

So if you rely on stamina you should get frost resistance. If you rely on magicka you should get shock resistance and if you're character has low HP you should get fire resistance.