It is ABSTRACT with mineral connections ("It could probably be the other way round as well but we'll argue about that after somebody has got it")
It is not Rain, Kryptonite, the Philosopher’s Stone, Heaven or Hell, Scotch Mist, Noah's Flood, the Midas Touch, the Ozone Layer, a Weather Forecast or the Northern Lights
Not fictional, but it depends on what you mean by fictional. Not in the conventional sense of 'fictional'
It is not really pleasant or enjoyable (“you wouldn't be enjoying the results of this”)
It is not hypothetical
It is a single, specific thing/concept/idea/abstraction
Is has something to do with the four ELEMENTS
In a technical sense it involves movement
The Abstract whatsit is dependant on the mineral connection
It Could not generally it be described as a phenomenon unless you are easily astounded
Of the four elements water is the mineral connection
It is not to do with fire, crying, precipitation or clouds.

Assuming this 'abstract' is tangible.

And here's your one for free: it's not tangible