Dubai crisis - No panic

I am reading Stephen Roach's Next New Asia. Given the recent Dubai crisis, I pay particular attention to what he described about Dubai phenomenon. Not surprisingly, he is relatively reserved, only said it's either a bubble or an emblematic.

This evokes my thought on the Elliot wave theory. Usually, a consolidation is needed before a major bull market. It's the case for Internet, for new energy, and now, for New Middle East?

I can't make the call. If time is only related to people's confirmation, it is probably fine. But can Dubai really complete the transformation, whose magnitude is never seen any analog before?