Chez. The Reverse Wave starts fom a Reverse Turn. Then a man's Three Step It can be followed by the lady after the Three Step following it with a Feather Step. If you like you can keep going with the Three Step and so on all the way around from side one to two and into side three.
If you start from a Natural, The way I was taught,The first three of a Natural Turn. Then the Feather then the Three Step and so on. It has a nice feeling about it if you change from the left side leading to a slight right side leading on the Three Step and so on.
In short the lady is doing the man's Feather and Three Step with the same footwork that the man uses. Remember the person in front takes the straight line meaning the person going backwards is the one that allows the other to dance the straghtish line.