[Phantasm]

Look at it this way:

Start:
Red Attacks with Reach 1 weapon.

Halfway into the attack, Blue, who was Doing Nothing as Red Attacks, declares a Wait, to be triggered by Red's *next* Attack.

Red Attacks again, triggering Blue's Wait. Red performs an Acrobatic Dodge to avoid Blue's Attack.

Halfway through the Acrobatic Dodge, Blue Attacks again. Red is still performing his Acrobatic Dodge, so the bonus from this still applies.

Now it's Red's turn to do something.

End of situation.