From the Super Mario Wiki, the Mario encyclopedia
The route starts with a simple waterfall. It then makes a slight left amidst some rocks on the edges. After the first Minigame Balloon, another waterfall follows, making a slight right with more rocks on the edges. The second Minigame Balloon then follows, then a slight left indicating the 500-meter mark. A slightly zigzagging waterfall then follows, followed by a straight, steeper waterfall with the third Minigame Balloon to the left of a rock in the middle of the route. After a sharper left in which the fourth Minigame Balloon is behind a larger rock to the left, the route makes a sharp right before the fork leading to either Waterfall Plunge or Cheep Cheep Schools.