The 2-1 win brought City within three points of the Premier League leaders while they have a game in hand.
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Rooney told BBC Sport: "This title race is not over yet, I still feel like there are some more twists and turns to come.
"It is is obviously going to be tight but City have got one more game to try to win, so I still have Arsenal down as slight favourites.
"I've been in this situation myself, where you need to win all your games for the title. You look at your games and you think well we should win this one, or that one, but it never pans out that way.
"From now until the end of the season it is just going to be down to which team keeps their composure the best - that's who will win it."