The tumult of Psalm 124

Psalm 124 could in many ways be seen as the second half to Psalm 123.

123.1-2 Recognition of Yhwh
    123.3 Call for help
        123.4 Description of the danger
        124.1-5 What would've happened
    124.6-7 Response of rescue
124.8 Praise of the creator

But the psalm also tells a story on its own, and it does so through some clear repetition.

Verses 1-2 both begin with identical phrases, setting up an hypothetical negative, which is where Yhwh was not interested in Israel. The speaker is "us" - Israel - and the passage reuses the first-person plural ending a whopping twelve times in only eight verses.

Verses 3-5 then explain what would have happened, with each verse beginning with אזי - "then". It seems to use imagery from the escape from Egypt through the Reed Sea, where the anger of the Pharaoh forced them to flee through the waters, which would have otherwise have engulfed Israel, had Yhwh not protected them.

The last verses (6-8) form a little concentric structure with something of a chiasm in v7:

6a Blessed be Yhwh
    6b He did not give us as prey for their teeth:
        7a Our soul like a bird escaped the ensnarer's trap
        7b The trap is broken and we have escaped
8 Our help is in Yhwh

Here's v7 in Hebrew for those with eyes to see, with the same mark-ups as the English:

נַפְשֵׁנוּ כְּצִפּוֹר נִמְלְטָה מִפַּח יוֹקְשִׁים
הַפַּח נִשְׁבָּר וַאֲנַחְנוּ נִמְלָטְנוּ׃

In v7 the parallels are our soul/we, escaped/escaped, trap/trap, where two of the three are more-or-less exact parallels and the second part of the first (our soul/we) introduces an unnecessary pronoun to reinforce the parallelism.

There are some similarities to Psalm 114, as part of the Egyptian Hallel psalms there, which are used here to remind those pilgrims en route to Jerusalem of Yhwh's past faithfulness and the implication that the Yhwh who was for them then is certainly for them still.