I don't know about it looking wavy, but yes, it does appear to have steam marks. And my lazy ass still hasn't gone to the store and picked up the stuff for it... h:

 

do you have alot of resin on the underside of your hood....and does it only appear near the vavlecover and anything else that can get hot?

 

Resin? I don't see anything unusual on the underside of the hood of my car.

 

Klasse will work on CF hoods. I've used it. The temerpature needs to be cool for anything to bond properly. If it looks sort of like a smear or something then its because you didn't do it when it was cool.

Wax evaporates too quickly. Even the best waxes aren't going to really last longer than about 2 months. Get a good polymer or acrylic sealant system and try that. Not only will it protect better and longer, it will also look much better. Check out www.autopia.ws for some other tips and ideas on how to take care of the shine on your car.