I'm looking for a file on Time Machine and it says "waiting". It is a file in a recent backup. Why is time Machine "waiting"?
If you have entered time machine via the top toolbar, you will receive the "Waiting" message (as shown in the image) when trying to navigate to an older backup. This is simply because time machine is waiting to load that backup.
Be patient and wait for it to load
If it is taking a very long time to load, visit This Link for troubleshooting