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I've played an Elemental Shaman as my main pretty much forever and have always been a PvP guy as opposed to PvE. That said I'm pretty sure that this is the darkest time for Elemental Shaman in the history of WoW.
Here's the spec I've been working with lately for arenas.
I'm going to try to address some of the question that might come up.
5/5 Reverberation. I find this talent essential because shocks are the biggest form of Shaman utility and you want to have the option to use one as often as possible whether to interrupt a caster, kite a melee, or set up your Lava Burst burst. I also think that if you are going to get it has to be a 5/5 as opposed to a 3/5 because .6 seconds reduction is just going to throw off the timing of your GCDs.
No Totem of Wrath. I opted to not spend a point here because in past experience ToW would be down for about 5-6 seconds if I had setup time before I would be dropping Fire Nova for the stun. Once you get that far into a fight you really don't have time to waste a GCD redropping ToW (provided you live that long). Also, if you get jumped without prep time you definitely will not have a GCD to spend dropping ToW.
I noticed that some people didn't go in for Lightning Overload or Elemental Oath. Oath's 10% damage is really too good to pass up especially since we now have a guaranteed crit in LvB not to mention a really high crit rate from gear and talents. Oath definitely should be in every Elemental spec. LO is slightly more questionable. In 5v5 it is a must have as you are guaranteed to get in some Lightning casts. In 3v3 and 2v2 when an Elemental Shaman is almost guaranteed to be the focus target, and thus probably locked down, I could see how people might want to pass this up.
No Improved Ghost Wolf. Again, my spec is mainly built for 5v5 and I find that I really do not benefit from having instant GW. Even in 3v3 and 2v2 it really doesn't get me away from any melee (who WILL be on me) so I find I'm just wasting my GCD's casting it.
Guardian Totems. I see a lot of you going into Guardian Totems. I'm not really sure why. Stoneskin I find is not worth a GCD even with the extra 20% and 2 seconds off Grounding Totem is nice but not essential since mainly I find that melee is my problem, not casters.
Improved Shields. Again, don't really find this essential. I'm always dead before I get close to oom and the Lightning Shield damage is mediocre at best.
I think that's everything people might question, but if there are any other questions on my spec please post away with them and I will answer as best I can.
One last thing. With the sort of announced nerf to Chain Lightning's single target damage it may be possible to pass on Storm, Earth, and Fire since with that change we probably won't be casting Chain Lightning anymore, or at least not often.
Thanks for reading.