Wave Dashes are essentially the act of cancelling a dash into another to enable improved movement. These are found in many games such as Tekken and many of the Versus Series games. 

As an example, in Marvel vs Capcom 3, you can dash, then cancel the dash into a crouch, and dash again -- repeating this process many times over -- to perform a Wave Dash and move across the screen very quickly. 

Last updated on April 14, 2011 by haunts