情势 (situation) = 情 (details) + 势 (formations /form)= the form and details
you look at a situation as an object. The form of it tells you what kind of situation you are looking at.
Example: 情势危急 (situation is critical) * the form and the details tells us the situation is critical
局势 (situation) = 局面 (board surface)+ 势 (formations /form) = The formations on the board surface
Metaphorizing a situation as a chess game. The formations of the chess pieces on the board tell us what is going on in the game (situation)
Example: 局势危急 (situation is critical) * the formations on the chess board indicates the game(situation) is in a critical state
形势(situation) = 形(shape) + 势(formations/ form) = shape and form
a 'shape and form' description can apply to an actual object; or metaphorically, to a state of affairs.
Example: 形势危急 (situation is critical) * the shape and form indicates the situation is in a critical state.
情形 (situation) = 情(details)+ 形(shape)= shape and details
shape and details forms a 'situation'.
Example:看情形他不会来 (looks like he won't come)
The thing that's being looked at is details of the situation, which indicate he won't come
情况 (situation) = 情(details)+ 况(appearance) = appearance and details
appearance and details = 'circumstance'(situation).
Example:看情况决定 (make the decision depend on the situation)
see the appearance and situation then decide
状况 (situation) = 状態(status) + 况 (appearance) = appearance and status
'appearance and status' = 'condition' (situation).
这状况不能持续 (this situation cannot be maintained)