Mix a small amount of Plaster of Paris in a clean bucket. Use clean water and follow the package instructions. Do not mix until you are ready to begin work.
Apply a skim coat of plaster to the depressed area of the wall. Load a small amount of plaster on to the hawk. Transfer some to a trowel and scrape it on to the wall in an upward motion. Use an even amount of pressure on the trowel. Scrape off any excess with the edge of the trowel.
Let this coat set for 30 to 45 minutes and sand it smooth with a fine-grit sanding block. There should be no ridges or marks in the finish.
Hold a level onto the wall. If the wave pattern is still there, it will not read level. Repeat skim coating the plaster, letting it dry and sanding it until the wall reads as level.