Heavensrun, good job! I read your posts several times and I think you are definitely, if not right on everything, at least mostly correct.
These last two chapters had me really confused. (Just like Jeongwon, lol.) I felt like Jisoo was sending a huge tangled mess of mixed signals in Jeongwon's direction, and I really couldn’t make heads or tails of whatever message she was trying to convey... but now, after reading your interpretation, I feel like I finally understand what's going on.
Btw I don't remember at all that flashback moment with Jisoo and Hwayeon kissing. I can't believe I missed such an important scene!
I must have thought it was two other girls or something... If anyone can point the chapter and page where it happened, I'll be thankful.