https://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A1%E3%82%A4%E3...
Per https://ja.wikipedia.org/wiki/%E7%A5%9E%E5%A5%88%E5%B7%9D%E6... , it is read 「冨嶽三十六景 / 神奈川沖 / 浪裏 」 which is top to bottom, then right to left, i.e. "神奈川沖" before "浪裏".
Arguments about modern Japanese text layout is beyond the scope of my original comment, and I don't think it's meaningful to discuss it anyway. Those who know and use Japanese know, and those who don't, don't need to know.
