Wave should mean water wave, and dawn is morning. Red cotton may be red bedding, but I don't know why it is "courtyard". (Is it "red cotton", so it corresponds to orchids)
The translation is: after waking up, the water waves gradually drift away and the orchids wither; In the yard in the morning, the red kapok looks cool.
If it is a dream interpretation, it may mean that it is unlucky, and the reality is not as beautiful as in the dream.