Liverpool and Arsenal played out another sensational game filled with goals in which both sides enjoyed a share of the lead.
Arsenal scored 3 goals in a 5 minute second half spell to turn the game on the hand before Roberto Firmino popped up to get Liverpool back on level terms.
There were two changes from Jurgen Klopp ahead of kick off as Emre Can and Sadio Mane returned to the starting line up. Former Arsenal man Alex Oxlade-Chamberlain and Gini Wijnaldum were the players to move onto the bench.
The first half was attacking from both sides but Liverpool looked the most lethal and had a bagful of chances.
Firmino enjoyed three great chances - a header straight at Cech - another across the face of goal and a wonderful shot just inside the area that narrowly went over the crossbar.
Coutinho, playing his 150th Premier League game for Liverpool (his 199th in all competitions) had the reds first shot of the half when he drilled a chance wide after good work from Mo Salah down the wing.
But it was Liverpool's Brazilian Coutinho who opened the scoring. From a quick counter attack Salah raced to the edge of the area. He flicked the ball over to Coutinho, the ball took a minor deflection, and Coutinho then headed a deft touch looping over Petr Cech.
Sadio Mane and Mo Salah found themselves in a 2 on 1 situation but Salah's shot wasn't powerful enough and then Mane's acrobatic overhead kick was over-elaborate and went over.
Arsenal limped to the half time whistle and Liverpool, though leading, should have done better.
Second half goal fest
The second half then saw a barrage of goals.
Mo Salah made it 2-0 for the reds when he curled in a shot after receiving assistance from Roberto Firmino.
But three goals were about to fly in and they were all going to be for Arsenal.
Two minutes later Sanchez headed their first goal - when he dispatched a cross into the Liverpool net.
Another two minutes later and Granit Xhaka had a shot from 30 yards out that Mignolet wafted at embarrassingly. The Liverpool keeper only bothered to raise one of his arms and it sailed into the net.
Another 90 seconds later and Arsenal had miraculously taken the lead. Ozil scoring the third goal when he made easy work of Liverpool's defence and goalkeeper.
Fortunately Liverpool didn't implode any further and Roberto Firmino smashed in a shot that was too hot for Petr Cech to handle and put Liverpool back on level terms.
Oxlade Chamberlain came on as a late sub, roundly booed by the Arsenal fans, and Mo Salah had a late chance for the reds but fired into the side netting despite having 4 players surrounding him.
Liverpool remain in 4th above Arsenal and have taken 4 points off one of their major top four rivals, but the reds have now drawn far too many Premier League games and 4th position currently looks like the best position they might be able to attain this season.
Man of the Match: Roberto Firmino