We investigate the evolution of RR Tel after the outburst by fitting the
emission spectra in two epochs. The first one (1978) is characterized by large
fluctuations in the light curve and the second one (1993) by the slow fading
trend. In the frame of a colliding wind model two shocks are present: the
reverse shock propagates in the direction of the white dwarf and the other one
expands towards or beyond the giant. The results of our modeling show that in
1993 the expanding shock has overcome the system and is propagating in the
nearby ISM. The large fluctuations observed in the 1978 light curve result from
line intensity rather than from continuum variation. These variations are
explained by fragmentation of matter at the time of head-on collision of the
winds from the two stars. A high velocity (500 km/s) wind component is revealed
from the fit of the SED of the continuum in the X-ray range in 1978, but is
quite unobservable in the line profiles. The geometrical thickness of the
emitting clumps is the critical parameter which can explain the short time
scale variabilities of the spectrum and the trend of slow line intensity
decrease.Comment: 26 pages, LaTeX (including 5 Tables) + 6 PostScript figures. To
appear in "The Astrophysical Journal