So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
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My Nokia Lumia 920 shows the lightning bolt and gear icon. does not start and is frozen on that icon.
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So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
A HAD SAME PROBLEM TOOK OUT MEMORY CARD ATTACHED TO LAPTOP AND PRESSED VOLUME <DOWN> AND POWER BUTTON AND IT CAME ON
My friend is using Blu win jr lte phone the issue is that after the update for slow ring build. The phone is unresponsive from the touch screen then he wanted to have it rollback to the previous OS from win10 to win8.1. However phone is not being recognize from the computer when he tried the windows recovery tool. The display that he is seeing on the phone is the flashing with gear icon. What to do? Is this also applicable for the steps that you provided?
It worked but I did get an exclamation point icon. Then I held the camera/sound on/off button again all together and let go of both when the phone vibrated and that worked.
thank you, problem solved