The Wave is that magical place where you can't figure out how those rock formation were ever created. I have won the online lottery twice and once in a while I enter again because I want to go back. For those going there, please do NOT only go to The Wave, there are lots of beautiful rock formations in that area (google for KML maps of the area). This is the best website for detailed information of all areas around The Wave (http://www.thewave.info/CoyoteButtesNorthCode/Map.html).
This melting rock is real, its not a camera effect. If you hike to the wave and take the normal picture of the wave, you will see this to your right.
There are colors like this all over the place. Please please explore the area, but there are no trails and no rock cairns, so bring a GPS and find routes on the web. I tend to get lost easily, specially in that area.
This is the typical pic. The melting rock is to the right.
And now, for all the other beautiful rock formations in the area. But PLEASE be careful, you can easily get lost and people that are not prepared have died of the heat in this area.