Telstra is in a yield sweet spot, page-63

It certainly will be closer to $3 before it will $5 wayward, though given it's already closer to $3 than $5 that's not a long bow to draw!

In term of the shorter term - it's really hard to tell. If you take out the 22c-ish drop and spike down ex-dividend (15.5c plus franking credit) it's been going nowhere since the divi cut announcement trading roughly at the same equivalent range of $3.65-$3.75 (equivalent ex-divi price) on very large volumes indicating both quite a bit of selling pressure but also a lot more buyer support than there's been for quite a while. There has been a long-term down-trend though the support we're now seeing may be indicating a bottoming out. My feeling is that a recovery towards, perhaps reaching, $4.00 is likely over the next several months then plateauing for a while.