is the vst3 waves shell in your program files\common files\vst3 folder?
are you moving things around from where waves central put them? it's been a long time since i originally installed waves first up, i can't recall if you have any options, but i would have just let it put things where it wanted. i think vst3 defaults to program files\common files\vst3 folder and
perhaps 'has' to be there.
one thing i know is that if you are having problems, in the 1 or 2 times i have contacted waves support they have been very helpful, very fast, and very professional, no doubt the best support i have experienced by far, not that i have experienced a lot, but still