The resistances are imbalanced. There is no physical resistance so physical damage always hits for 100%. This is a huge deal! Later game characters have high resistances, sometimes to every element.

My proposal is to do a quick pass and add weaknesses to any character that has all magic resistances. If you're looking at humans in plate armor, lightning and fire weakness would make sense while armor would protect against earth or cold.

Earth/physical damage should probably be joined. It's weird that rocks do a different damage type than steel, which is just a refined rock. Having earth damage affect physical armor and have physical attacks affected by Earth Resistance makes the most sense to me.