The effect wave edit menu can be used to modify a wave of projectile effects. A projectile effect wave has a period and a list of projectile effects that will be performed each period. If you just started creating a new effect wave, it should look like this:

There should be a 'Cancel' button and an 'Apply' or 'Create' button. Also, there should be edit fields for the ticks until first round and ticks between rounds. Finally, there should be a 'Change...' button to choose which projectile effects to perform.