As you exit the mouth of the canyon, you hike down to the trail junction; the right takes you to Phelps Lake; the left takes you back up the switchbacks to Phelps Lake Overlook and then down to the trailhead. By the time you hike back to this point, the switchbacks will seem far steeper and longer than when you first descended! Hang in there; it's all downhill once you make the top of the hill. We ran out of water well before finishing; make sure to bring plenty. All in all, it is possibly the most beautiful hike in Grand Teton National Park.