フリーフォームで代用します。試しにマクロを組んでみました。
Sub test波線()
Dim myrng As Range
Dim L As Double
Dim T As Double
Dim W As Double
Dim H As Double
Dim i As Integer
Dim ti As Double
Dim wi As Double
Const n As Integer = 50 '頂点数
Const s As Double = 2 '振幅
Set myrng = ActiveSheet.Range("F5:I5")
'**データ収集
With myrng
L = .Left
T = .Top
W = .Width
H = .Height
End With
'**フリーフォーム描画
With ActiveSheet.Shapes.BuildFreeform(msoEditingAuto, L, T + H / 2 - s)
'**頂点の編集
For i = 1 To n - 1
'*各頂点のY座標
If i Mod 2 = 1 Then
ti = T + H / 2 + s
Else
ti = T + H / 2 - s
End If
'*各頂点のX座標
If i = 1 Then
wi = W / (n - 2) / 2
ElseIf i <= n - 2 Then
wi = wi + W / (n - 2)
ElseIf i = n - 1 Then
wi = wi + W / (n - 2) / 2
ti = T + H / 2
End If
'*頂点の追加挿入
.AddNodes msoSegmentCurve, msoEditingAuto, L + wi, ti
Next i
.ConvertToShape
End With
End Sub