WTI - Bubble in the making?

Today there was a brief discussion on Reuters re potential for a "bubble"  forming in Crude ,

"	One of the key indicators of a financial bubble is that price rises (or in the case of a crash/inverse bubble price declines) accelerate towards the peak (trough)...... the question is whether we are seeing the emergence of a bubble in oil" Accompanying chart ; Brent click to enlarge Looking at the Brent chart, the blow off top of '08 and the wave acceleration from 1999 is a classic.  Here's another chart (WTI) using a slightly different time frame that illustrates a classic retracement rather than a  bubble in the making.

Weekly

click to enlarge

Note the acceleration phase during the -3- of 3 subwave, in Oct of '08.  Also classic. The subsequent rally has all the characteristics of a corrective retrace; one of which is to spend time in the price area that the acceleration occurred in. You might say it's done that;  1.5 years! Please see Crude gains 5% in 2010 ! (Almost) 

It's also interesting to note the levels we are achieving today correspond roughly with the beginning of that wave down in Oct of '08 and have retraced 52% of the move down.
Guess it's all how you look at it.