Denaturation, Annealing, Extension

You are absolutely right! 

The first step is denaturation, which allows the double-stranded DNA to separate into two single strands by heating it to around 94-98°C. In the next step of annealing, the temperature is lowered to 50-65°C to allow primers to bind to the single-stranded DNA. Finally, the extension step is carried out by raising the temperature to around 72°C to allow the DNA polymerase to synthesize the new DNA strand by adding nucleotides to the primer.