The GOP won the overall House popular vote by 6.8% in 2010 (Wikipedia), which everyone called a wave. So far, the Dems also lead by 6.8% (Cook Political Report, https://docs.google.com/spreadsheets/d/1WxDaxD5az6kdOjJncmGph37z0BPNhV1fNAH_g7IkpC0/edit#gid=0), and that will only go up as California counts its absentee and mail-in ballots. If you go by the 2010 standard, this election definitely counts as a wave.
Huh. Didn’t know the whole “wave” descriptor was based on popular vote. Thought it was based on seats won.
Learn something everyday.