Cotton may still need another ('c' wave) leg down before we can put a fork in it. It would be nice if it would drop below the 50% retracement level at 91.90. The wave marked 'a' did not quite breach 50%. Hopefully it does come back down. From an E-wave standpoint Cotton should move equal to the larger A wave which would target (from 90) 104ish. This would pick off the stops accumulating there and set the stage for an impulsive wave lower. Time wise we need to get above those stops by April and that 'should be' doable if this scenario gets launched.

Let's see what happens!