So if I understood correctly after fifth great initiation, if you did not choose direct path there are two more great initiations for the Innermost to achieve?
Correct, that buddha finishes his fifth, sixth and seventh initiations of fire in Nirvana.
"And if you chose direct path, the initiation of Tiphereth (first Venustic initiations) begins?"
Yes, it begins in Malkuth, as it is described in John as follows:
"And the Word was made flesh, and dwelt among us, and we beheld his glory, the glory as of the only begotten of the Father, full of grace and truth. (For all the Prophets and the Law prophesied until John.) John bare witness of him, and cried, saying, This was he of whom I spake, He that comes after me is preferred before me: for he was before me.
And of his fulness have all we received, and grace for grace. For the law was given by Moses (Tiphereth), but grace and truth came by Jesus Christ (Chokmah).” - John 1: 14-17
And after that another seven Venustic initiations await, until you finish the mountain with eighth initiation?
Yes, after Jesus Christ, as light, absorbs Malkuth, he contiues absorbing the Bodhisattva through the spinal medulla of Yesod, Hod, Netzach, Tiphereth, Geburah, Chesed and returns to Binah from where he was born, this, in order to posteriorly help the alchemist in the annihilation of his ego in the 49 levels of the Being. This is the end of the first mountain
Or is it overall eight Venustic initiations (5 great initiations + initiation of Tiphereth and the rest two that belong to Innermost after which you finish First Mountain), that is those 5 great initiations you completed before become Venustic?
Tiphereth, the Human Soul, becomes Bodisattva in the Initiation of Tiphereth, which is the fifth great initiation for those who previously chose the direct path in the 31st vertebrae of the causal body. The sixth and seventh initiations of fire are already attained in the fallen bodhisattvas.
Those alchemists who chose the direct path for the first time, enter into the mysteries of fire of the sixth and seventh initiations according to their alchemical work and thereafter continue with the 8 initiations of light or Venustic and finish the first mountain.
Remember, in Sanskrit,
Bodhi means perfect knowledge or wisdom and
Sattva means pure, divine, and spiritual, therefore, the Bodhisattva is Christ, Chokmah, united to Tiphereth, the human soul in the causal body. If Christ is not incarnated, in the human soul, that master is not a bodhisattva but a buddha pratieka, and that is all.