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That is the adjustment for tilt.
It's possible the yoke has come detached from the adjustment sleeve, that adjustment also allows the yoke to slide forward and backward but you have to actually be able to push on the yoke housing to do that.
Turning it left or right should cause the picture to tilt.
You are sliding the wing nut side to side right?
The rear wing nut is for the centering adjustments, I would stay away from that one because it can be difficult to get it adjusted correctly again if you mess it up.
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