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In a nutshell, a BLM below 128 means that your computer is trying to take fuel out of the mixture. A BLM above 128 means fuel is being added to the mixture. If a BLM is at 108, the computer has taken out all the fuel that it can. An upper BLM of 160(?) means that the computer is adding all the fuel that it can. Those are the boundaries.
If you have a rich/lean indicator, this will usually jump in combination with the O2 voltage...anything above 0.45 volts (or 450 mV) will be shown as rich and anything under 450 mV will be shown as lean. That is less of a tuning aid since the O2 sensor is supposed to bounce.
Keep in mind that under WOT, your ECM will lock the BLMs so you cannot use them for tuning at WOT. Also, you must be in closed loop mode for your BLMs to change.
Which is a bit strange--because nearly every scanner will show closed loop mode at WOT even though it is really in open loop mode. That is usually when you have to pay attention to "learn control" if the scanner displays that data.