The cable pulled out of the transducer on the frame rail. Look at the back of the T-case, there is a cable coming out of it that runs over to the drivers side frame rail. The cable goes into a small box, unscrew the the out going cable and pull back the center a little (1/2") then screw it back on and you should be good. (this happens to me all the time).
Don't forget to
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first then ask questions later! The loose nut behind the wheel