CT#11 still bearish long term - possible reversal ahead

ICEUSA:CTH2015   Cotton #2
Here is my contribution to the nice ichimoku analysis done by Kumowizard and posted at

The wave count on the weekly chart reinforces the idea that bears will keep control on the mid/long-term. At this point in time it is pretty safe to assume that intermediate-3 is consolidated retracing the full 2.618 ratio and suggesting this would be an extended 3. Wave 4 retraces nicely at 0.236 times wave 3 and the AWE oscillator indicates that a 3-5 divergence is possible. Wave 5, when 3 is extended, can develop between 1 times wave 1 (equality to wave 1), 0.618 times wave 1 or (less likely in this case) 1.618 times wave 1.

On the daily chart , a couple of alternate count is possible; however, my preferred count would the one shown in orange with minor wave 3 under development.

Like Kumowizard mention in his analysis, an upward (most likely brief) movement could be possible as part of lesser degree wave count (not shown on chart above) suggesting a corrective wave 4 would be under way.

Takeaways: If the ongoing Intermediate 5 and Minor 3 materialize, it could lead us into a more consistent upward move/correction, but then again, alternate counts are possible therefore feel free to contribute.
sorry, i messed up. my idea was to publish W and D chart side-by-side. here is a link to my daily chart.
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