The hourly chart above depicts my estimate of the boxes in the June 2005 ten year note contract. The boxes were defined by the reaction on April 2 of 39 ticks from a high of 110-02 to the low of 108-27.
The market is making a second try to move into the fourth box in the uptrend but I think this attempt will fail and that we will see another reaction down to 111-28, the 1/2 point of the third box or to 111-09 the bottom of the third box.
The uptrend from the March low at 107-25 is not over yet and I think this market will probably get into the 115-116 range before the upmove ends.
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