Yes that's correct, but therein (for me, at least) lies the problem. If the pedal notes were notated on the strong beat of the bar it would be easy to think in standard waltz figuration ( down, up, up, with the "effort" falling on each lower note) but as the strong accent falls on the second of the two upper chords (what would normally be beat 3 in a waltz) followed by a move down to the bass note this goes against the pianist's natural (or learned) inclinations (as does "Paganini" with its constant contrary motion of the two hands and, to a certain extent "Reconnaissance" with all the thumb repetitions). In short passages these sort of problems are fairly easy to overcome but Schumann doesn't make things easy by requiring the player to endure them over long stretches of music.