I had a serious acid folk stage, with some residual tendencies (to be sure). Pure acid folk is pretty hard to find, and I'm not familiar with much that involves waves, but I can list some other psychadelic folk that you might be into.
Linda Perhacs - Parallelograms - a classic one-album woman who is now a dentists. The vinyl goes for ridiculous amounts these days.
Incredible String Band - Hangman's Daughter - Classic album with Eastern influences.
Silmaril - forget the name of the album, was kinda hard to find, but it's fairly mellow and creepy.
The Trees Community - The Christ Tree - A world-music highly acidic folk, heavy on flutes, hardps and mandolin. Played and toured for a few years as a Christian musical commune, with music purportedly passed onto them by the Holy Spirit. Even if you're not into the Christian faith, you may find this is the best acid folk album ever. Beautiful and mellow, intense and creepy, lots of chanting and shouting. The original 1970s vinyl is practically existent, but due to a sweet label called Dark Holler / Hand Eye, it has been remastered and released on CD in 2006.
Anyways, I can help you get the Trees if you want, upload myself if nothing else, as well as make more suggestions for Acid Folk artists if you want, or have a more specific sound.