Bounceback?

I spent sometime on my Lowbie Life wizard and hit 10. I swapped in the new equipment my 37 Balance wizard had gotten while trying to get housing drops and headed over to the Life School to get my sprite spell. I happen to look over at the left-hand chalkboard and noticed this:


Cast a Bounceback. Sounds like it would be a reflect-type spell that would 'Bounce Back' the next spell cast against the target.
Was this a spell that was dropped cause they couldn't get it to work? If it ever existed, is it gone forever or will we see it again when they raise the level cap.