Earth to Water (to Air)
If Water essences are too heavily farmed on your server for you to step in and get your own in a reasonable amount of time, you might consider farming Essences of Earth. First of all you need to be friendly with the Timbermaw Furbolgs to purchase the Earth->Water transmute recipe from then.
You can then grind Essences of Earth in Silithus, where rock elementals are plentiful and not quite as farmed as Water Elementals. By transmuting them to Water, and then to Air the next day, you may be able to turn up a nice profit, although the time involved in the process does leave you with only half the gold you could make from directly grinding Essences of Water. Alternatively you could also sell the Water Essences depending on how the essence market is working out on your server. Just some food for thought.
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