on October 1, 1999, T dipped to 41 1/2 and then hit a high of 61 on October 29th. A 50% retracement could bring T back to about 51.25 before it bottoms. Yesterday it dipped to 52 which is getting pretty close. IMO if T closes under 51.25 the short term outlook probably isn't very good.
If T could only have moved more quickly on the wireless tracking stock T would be much higher right now. Since T announced their tracking stock plans there have been many other companies that jumped right in and issued tracking stocks and realized immediate stock price appreciation. But here is T moving at a snail's pace again. Why? By the time T gets around to it, the "bloom could be off the rose".
I'm sure someone can point out the errors in my thinking.