Hopefully the third, and final wave
More cases however less death likely related to vaccination + attenuation of severity that is natural in the evolution of viral diseases.
This should be pretty quick if mostly delta as it is more transmissible and faster.
From what I've read this is much more contagious so we should be done with this wave in a month or so. It does not seem to be deadlier so that's a good thing.
It could be that there are not many easy targets remaining so the death rate is relatively low compared to the previous waves.
I expect you are right. The trend is up, but the numbers are still quite small. There should be enough immunity among the vulnerable to prevent anything remotely like this past winter.