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Thursday, June 23, 2005
The hourly chart above shows the 38 tick bond boxes in the uptrend from 115-26. I am now guessing that the market will hold the 117-25 level. This is just an average which I calculated by observing that a reaction that dropped below 118-08 would either be 1/2 a box in lenth and thus be 19 ticks and stop at 118-00, or would go to 117-18, the 1/2 point of the next lower box. The average of these two levels is 117-25.