Cookie persistence and source address fallback

I wonder what will be result of such setup:

• LB set to Round Robin
• Default Persistence Profile: Cookie (Cookie Insert)
• Fallback Persistence Profile: Source Address
• Source IP same for all requests (SNATed)

My assumption is:

• First new TCP connection established, no cookie present
• Fallback Persistence used, no Persistence Record (PR) found
• No persistence is applied because none exist so connection will be directed to first member
• What will happen then? Persistence Record for source IP will be created pointing to first server?
• In HTTP response cookie is inserted pointing to first pool member
• Then second connection from the same IP comes, assuming that PR was created and did not time out then LB will be ignored and connection will be directed to first server
• In HTTP response again cookie pointing to first server will be inserted
• Then all returning connections (with cookies set) will be directed to first server, LB in fact will not be used, except for situation when there is enough period of inactivity between connections to allow PR to expire, but will then new connection be send to second server according to RR or not necessarily?

Is above correct?

Piotr