There's also a possibility that Oda is already wrapping up Elbaph, that would explain why the threats are being eliminated and HK seem not so threatening anymore. And we still need to see what Imunko is capable of. I think Loki&Luffy will meet them very soon, either the upcoming chapter (more likely) or the chapter after that one (if we get more SHP moments, but less likely because Oda always highlights Luffy).
Once we see how strong Imunko is, we can probably guess how Elbaph will continue.
Once we see how strong Imunko is, we can probably guess how Elbaph will continue.
It would probably mean the abrupt ending of Loki's development after Imu has already set its sights on Nidhoggr. I just can't believe that's the case right now. Gunko being a completely willing vessel has no way to challenge the combined might of two "gods" but even she has an internal conflict.
Some of these ideas make Elbaf sound like Zou, a pitstop. But I can't believe Elbaf wouldn't be way more significant.

