Yes, it WAS a wave.

2014 proved to be a wave election.  The president can decry the lack of voter participation but many of those who did not participate were his own voters, and no, they were not all Obama voters.  Trying to make like this loss doesn't matter and that he can proceed with his agenda as if he won, will only serve to marginalize the president further.  I'm not just talking from Republicans here, or even disaffected Democrats.  I'm speaking of the electorate.  I'm speaking of the gravitational center of the nation.  He has removed himself from that locus for the past six years and continuing on his present course will only hasten his lame duck status.  It will serve to cement his legacy as a tone deaf president who was ultimately out of touch with the American electorate, one who promised change in how Washington does business but who instead embodied the worst of the partisanship that preceded him.

From the Rothenberg Political Report;

Yes, that was a wave. A big one. In many respects, it was a wave that was larger and more damaging to Democrats than in 2010.

Republicans now have more House seats, more Senate seats and more governorships than they did after the humongous GOP wave of 2010. They now have the governors of Maryland and Massachusetts, a post-Great Depression record of House seats and, finally, control of the Senate.

Some advice for Democrats, call it what you want.  If you learn that America is still a center-right country it will be better for your party as you might try to reflect that in you candidate selection.  Drifting back from the left towards the center is not a bad thing.  If you don't it'll help Republicans win more elections.  Either way is okay with me.