I think your almost spot on. The three year cycles under Ellis at times started off very brightly - Atkinson finishing 2nd then Leagues cup success, Little, 4th in the league, League Cup win, Gregory 7th then 6th place finishes, O'Leary 6th place finish. We then had slumps, massive in some cases.
Mon though has improved season on season, something we have not seen since the days of Saunders. Whether that continues to be the same this season it is far too early to say. What I do know is though is that by getting rid of the manager now will not lead to any sustained success.