I'd be glad to clarify what I think is going on here. First, if I understand right, you're saying you can do a retreating special without b-sticking, right? Note first and formost that I will refer to "wavebouncing" as a retreating special, and that b-sticking is a method of performing a retreating special, by setting your c-stick to special and pressing back on the c-stick while pressing forwards on the control stick, in the air.
Well, retreating specials are possible because of one old technique and falco player should be familiar with, and one new technique every spacer should become familiar with. The first is the turnaround B, bread and butter for Melee Falco's. To perform, you simply tap backwards and then neutral B in the air, and you'll turn around and do your neutral backwards, maintaining your forwards momentum.
The second is the temporarily named B-reversal. While a lot of controversy seems to surround the B-reversal right now, I can attest that I believe it to be quite clearly unique from a turnaround B, and independently useful. To perform a B-reversal, first you tap neutral B (or any special, but neutral for this example) and then you quickly press back on the control stick. It's basically performing a turnaround B backwards. This move reverses both your direction AND your momentum, and it can even be used on the ground, unlike the turnaround B.
Now, by combining the two, by executing a turnaround B and then a B-reversal, you can achieve the same result "b-sticking" offers in the way of a retreating special, without sacrificing your C-stick for smashes and aerials. Follow be through the process.
Initially, your momentum is --> and your direction is -->.
Execute turnaround B, and you reverse only direction, so now your momentum is --> and your direction is <--.
Execute B-reversal, and you reverse both momentum and direction, so momentum is <-- and your direction is -->.
As you can see, this leaves you facing your original direction, but has changed your momentum completely, resulting in a retreating special, just like B-sticking. I should note that because of dexterity limitations, some, if not most, will find the result more pronounced by B-sticking than by manually doing a retreating special for some characters, but for wolf I do not believe the difference is even notable.
I should also note that I am not exactly clear on why b-sticking results in the combination of these two techniques in such a way, but it is clear, to me at least, that it does.
Lastly, the B-reversal can be performed on the ground, as mentioned, and can even be performed out of a dash, interrupting your dash. The effect is incredibly more useful than trying to turn around from a dash normally and neutral B.
A parting breakdown of each move, in case it's still unclear:
Turnaround B - Back on control stick, then B.
B-reversal - B, then back on control stick.
Retreating Special - Back on control stick, B, then forward on control stick.
Hope this has helped clarify some things.
