There have been Three Child of Prophecy that was named in the manga. Nagato, Minato and Naruto.
In the manga, transmigration can be translated as reincarnation but why not use the word reincarnate instead of transmigrate.
My theory is that transmigration in the manga actually means to manifest or possession. This mean that Naruto, Hashirama or any other Ashura transmigration have their own souls and was manifested by Ashura's chakra.
I believe that Ashura's chakra travels into another person's body and not his soul.
Conclusion: All Child of Prophecy characters were all possess with Ashura's chakra, in which case Ashura is the Child of Prophecy.
Indra and Ashura's chakra can move and transmigrate at free will.
This may explain why Minato was able to achieve Kyuubi and Bijuu Mode.
Although some may said that the Sage already stated the last transmigration was Indra and Madara, but that was a century ago.
In the manga, transmigration can be translated as reincarnation but why not use the word reincarnate instead of transmigrate.
My theory is that transmigration in the manga actually means to manifest or possession. This mean that Naruto, Hashirama or any other Ashura transmigration have their own souls and was manifested by Ashura's chakra.
I believe that Ashura's chakra travels into another person's body and not his soul.
Conclusion: All Child of Prophecy characters were all possess with Ashura's chakra, in which case Ashura is the Child of Prophecy.
Indra and Ashura's chakra can move and transmigrate at free will.
This may explain why Minato was able to achieve Kyuubi and Bijuu Mode.
Although some may said that the Sage already stated the last transmigration was Indra and Madara, but that was a century ago.