Well, now, this ain't half bad. So, from what I see, both characters scale to characters who are both are able to basically raze the Earth in a matter of minutes, so they should be about even in power here. However, because of this, in terms of variety of abilities, Wave has a lot more to her arsenal than Dream does. And not only that, but Wave will also have a maneuverability advantage. Now before people say "Flight says otherwise," there's a difference between being able to fly and being able to skillfully dodge most everything that comes one's way, which is something that Wave should be able to accomplish due to being a master Extreme Gear user, and being comparable to Jet in terms of skill.
The way I see it, Wave's techniques can counter a lot of what Dream can do, and she'd still have enough to make her way through. The only real advantage I can see Dream having is that Wave is typically more of a close-up fighter, which would give her an initial range advantage, plus if she can take out Wave's Type-W Gear, then she'd be a sitting duck for her to finish off. Though, again, using a Shield should be able to keep her Gear out of harms way long enough to take her on. And if all else fails, her Gravity Dive should throw Cure Dream off by summoning a black hole that sucks her in, only for Wave to come in and deal some heavy damage.
So yeah, all in all, I'm gonna give this match to Wave for her skill with an Extreme Gear and her more varied moveset that equalizes with and surpasses Cure Dream's moveset with medium difficulty. She would certainly not go down without a fight, but I'm confident that Wave should have this.
Winner: Wave the Swallow
