Let him start the green card process on your behalf at once. See with his immigration lawyer if he or she can do anything about "recapturing" the total time you spent outside the the US while on H-1B status during the last 5 and a half years while you were on H-1B status. If successful in recapturing and employer launches GC process immediately you'll be able to obtain a 7th year extension to your H-1B and the 8th as well, and once an I-140 petition is approved on your behalf, a 3 year extension, on perpetuity, until such time as the priority date for your country of birth becomes "current" and your are able to obtain your green card.
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GO home, stay there for a year and then your employer can petition for you again if the case is selected in a lottery that year.
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