I have to disagree somewhat on the categories. At least from the MALO perspective, the levels I see are:
1. USMA Closed - this is usually because of Medical early then for files that aren't complete enough later in the process. A lot go to this on March 1 after the deadlines.
2. Undetermined - usually this is someone who opens a file but never goes much further and doesn't submit any official transcripts/ACT scores, etc.
3. Screened - this means effectively not good enough to be considered a candidate. Usually things like a 17 on the ACT. But your file isn't closed, and improving that ACT score could change your category.
4. Risk - these are lower scores but usually close enough that they think there's a chance they could come up. Say around a 23 ACT. So with enough EC's and a really strong file elsewhere, these candidates "might" get in (extremely unlikely these days though). I do not pursue interviews with risk candidates but would give one if requested. I would also be very up front that they had little chance for admission without improving their file.
5/6. Competitive/Admissible - despite asking several years, I have not gotten a clear division between these two. Basically they seem to mean the same thing. My loosest interpretation is that Competitive is sometimes assigned without proof (ie. based on what the candidate tells us) while Admissible means the scores came from the ACT, counselor verified activities, etc.. But I seem some of both - people get appointments directly from Competitive and Admissible candidates don't get in. At least in my state though, nowhere near 90% of my candidates are competitive or admissible - probably under 50%.
7. Qualified - this is someone who has received a nomination but is not yet at the point of being offered an appointment. You see these only briefly, usually in February or for Presidential Nomination candidates.
8/9/10. Offered/Accepted/Declined. Offered means they were given the appointment, then Accepted if they accept and Declined if they decline (obviously).
Back to the OP though - I would just take the Admissible to mean they have processed your material and consider you competitive - no more, no less. I do believe though that you need to get new teacher recommendations and that your file won't be fully reevaluated until you submit your new transcript after first semester. Certainly update test scores and activities if they improve or you have new things to add.