[Mathulhu]

Wait is a second by second maneuver. If you have the necessary information in the preceding second to accurately describe your action then you don't need the compound wait. In essence you aren't really using the Wait action you are determining if they are an enemy and if they are surprising him or disengaging from him.

If you don't have the information then you need to commit to an action based on the information you have and then take a penalty on your action to stop it if it is inappropriate.

Or you can wait and see what happens. I think partial surprise describes this perfectly, both make an IQ check with a bonus for combat reflexes if they both pass the person with the highest basic speed acts first.