I don't understand why there are not more climbers on this route. I have only seen one party on this line over the last three years. It does involve a lot of angled traversing but it is quite fun. I led the first two pitches to gain access to Dream On. I don't like claiming ascents when I didn't complete the climb but I have climbed the last two pitches before and only the third pitch is even worth an attempt. The first two pitches are where the good stuff is at.
I lead the first two pitches so that I could climb Impossible Dream. The second pitch is the toughest of the entire route anyway. The first pitch is commonly called the first pitch of Dixie Crystals but Dream Waves was climbed 2 years before the first ascent of Dixie Crystals. This time, I did not clip the bolt on Dixie Crystals and it made my second very nervous. The entire pitch mostly follows the dike on a long traverse. If you do not like traverses, avoid this route.
It is a little difficult to get good beta on this route but I happen to have a copy of Dixie Crystals and it has an excellent route description. I lead the first three pitches for a party of three and soloed the final pitch. I had already climbed the first and fourth pitches on other routes, so I could not call this an onsight.
The first pitch is the same as Dixie Crystals. It is the first bolted line to the left of White Way Direct. There are two bolts and a bolted belay. Take care reaching the first bolt, it was moved from its original loacation and is a little more difficult to get to. Otherwise, it is not a very difficult pitch.
From the belay, follow the dike that heads up and to the left. The crux is just off of the belay where the the dike becomes thin. The guidebooks recommend clipping the bolt on Dixie Crystals to protect the second through the crux. I went ahead and did so but it is a little out of the way. There are two bolts along the dike before the belay. The first is along easy terrain and the second is just past a fun, tougher section. The belay is on a decent sized ledge just above the dike and below a sickle shaped overlap/flake.
The third pitch follows the dike a short distance then heads straight up to the sickle shaped flake. This is the only spot on the entire pitch that can be protected. Continue up to a ledge with several trees at the base of a large overhang. Use a tree for the belay. The fourth pitch continues to the summit and is unprotected. It is too easy to matter.