Incompressible MHD turbulence with a mean magnetic field B₀ develops anisotropic spectral structure and can be simply described only by including at least two distinct fluctuation components. These are conveniently referred to as “waves,” for which propagation effects are important, and “quasi-2D” turbulence, for which nonlinear effects dominate over propagation ones. The quasi-2D component has wavevectors approximately perpendicular to B₀. These two idealized ingredients capture the essential physics of propagation (high frequency fluctuations) and strong turbulence (low frequency fluctuations.) Here we present a two-component energy-containing range phenomenology for the evolution of homogeneous MHD turbulence.