You'll need more than one spell in the /castsequence command separated by a comma (,) in order for it to fall through to the spell below.

I use the following on mobs:

/stopmacro [channeling]
/castsequence Chain Lightning, Chain Lightning, Chain Lightning, Lightning Bolt
/cast Earth Shock

(Mastery procs from CL build up charges faster on the shield and glyphing LB to return 2% mana on each cast ensures you won't run out of mana too quickly)

Single target/boss macro is a work in progress, but it seems to work so far for me. I got it from one of the other threads on here, but it's basically the same thing I've used before the patch and the only downside to it is Earth Shock does not go off right at 7 charges from LB(+Mastery proc) buildup, and sometimes when it cycles back to the first spell, Flame Shock, it gets hung up as if it's still on cooldown, which it's not, nor is the DoT still on the enemy. Here it is tho:

/stopmacro [channeling]
/castsequence reset=8 Flame Shock,Lightning Bolt,Lightning Bolt,Lightning Bolt,Lightning Bolt,Earth Shock,Lightning Bolt,Lightning Bolt,Lightning Bolt
/cast Lava Burst

For mob fights, I don't like to use Earthquake too often, as even with the Clearcasting, it is still a hugh mana sink. Go for the Totem Projection talent and make the following macro, or skip if you don't use mouse broadcasting and are never near the mobs.

/castsequence reset=10 Magma Totem, Totemic Projection,null

Keep that up at all times and use the Chain Lightning macro above and mobs drop like flies.