T followed up on its 2002 crash with a partial retrace and a retest of the crash low in 2008. That is one of my favorite Neely set-ups for a return to the all-time high.
T formed a megaphone top (red) on its partial retrace and now it is bogged down at that megaphone VWAP. It looks like it’s forming a triangle there, but that could morph into any kind of consolidation you can think of.
Once T breaks out from the VWAP consolidation, the next target is the all-time high near the megaphone top.