not really the answers i was looking for though
1.what you posted there is standard rotation for a lvl 70 ele shaman.i was more looking into your personal rotation because each shaman has an individual rotation (aka the number of LBs you can fit untill your LvB is off cooldown or even if you use chain) based on his own haste now that FS scales with haste .so i was more interested in FS>LvB>LB>LB>LB>LB>LB>LB>Lvb>CL>LB>LB>LB>LB>FS>LvB or something similar based on your own stats. That would give us more information about your damage output since you didn't place a WOL or other log
2.as you contrary belive that water shield is best i asure you in some fights it is total useless

take for example
all these fights are on heroic difficulty
1.Marrowgar-fight is so short you barely have time to spam some key bindings,thus making water shield useless and lightning shield proc from bonestorm damage giving you extra damage output
2.Lady deathwisper-fight is rather longer then marrowgar and here you would want to alternate from mana shield in p1 to regen as much mana as you can to lightning shield in p2 which will proc from instant frostbolts on the raid she casts giving you a damage output
3.Gunship-fight is irrelevant
4.Saurfang-fight is short and water shield is total useless,switching to lightning shield which procs on blood boil or blood nova for extra damage
5.Festergut-fight is short ,lightning shield is use at his maximum capacity as it is a constant aoe damage on the raid +the exhale that the boss does.use it for more damage output,mana shield useless again
6.Rotface-short fight also but lightning shield is useless here,recommend water shield to be used
7.Putricide- long fight in which you have to spam a lot either LB or CL -water shield recommended
8.Blood council-medium fight in which you cant really move to much so it makes it irrelevant
9.BQL-short fight with constant aoe damage on the raid similar to fester-water shield useless ,lightning shield recommended for extra damage
10.Sindragosa-long fight with constant aoe damage;on this fight lightning shield performs at his best,when it is refreshed in air phaze,there is absolutely no mana issues with the air phaze which is practically a free mana pot or with the unchained magic,played both resto and elemental in that fight and had no mana problems-water shield useless
11.Valithria-irrelevant
12.LK -very long fight making water shield best
So as you can see the majority of ICC fights involve lightning shield>water shield