Doing Socks for the first time--HELP please

[greenjeans]

Hi, this is my first time to post for any reason. I am attempting to do a sock. I am having difficulty understanding the toe bit.

I've got 16 stitches
P15, take yarn back as if to knit and slip next st, turn, take yarn back to knit and slip st back creating a wrap around base of unworked st.
Next row:
K14, bring yarn forward as if to purl and slip st back. Cont in this way, working one less st on every row until 6 sts remain.

Does this mean there are still 16 loops on the needle? Because later the next thing I have to do is:

P6, sl next st onto RH needle, pick up wrap with LH needle, pass slipped st back. Insert tip of RH needle into st and wrap as if to knit.

This cont. on, can anyone help?