I just learned it recently so I can give my two cents. Keep in mind I don't reset the analog to neutral, I just sort of rotate the control stick almost 90 degrees from down --> right below right.
My first step was just starting with a shine, and then wavedashing out of it. Focus was on minimizing the amount of time i was in shine, to the point where it is just a quick flash. I actually learned to waveshine up smash before consecutive waveshines, as I found the timing easier, along with being able to flick the C stick.
Once I felt I was good enough at it, and just needed the muscle memory for consecutive waveshines, I tried different characters. I am not a frame master so correct me if I'm wrong, but Peach and Link are 2 of the easiest characters to waveshine. I believe Falcon is a frame or too more difficult. Personally, I found Link's shined animation was the easiest to visualize. Link kind of leans back in towards the end of hitstun, so visually speaking I would recommend Link for practice.
It's discouraging because it seems so hard at first, but you basically just have to grind it out on Final Destination. Try mixing it up to even incorporate drillshines into a single waveshine if you get bored of only waveshining.