Lyric discussion by SatelliteMinded 

Cover art for Waves lyrics by Metric

I have a feeling this song is about the overall process of Fantasies. The verses speak about not being able to see the brightside, or the big picture ("Saw the water, not the waves," and "Always leaving either way") Whereas the build up leads to being able to finally see positive things ("I'll go where I don't belong") If you're familiar with Metric's previous works, this will make sense because before Fantasies, they had never written a happy song EVER :P And the chorus is more happy stuff ("All not one, I love everything")