Consider that energy drives the wave, while the fluctuations rise and fall. So energy goes past to future, while any information derived from it goes future to past.

As consciousness goes past to future, while thoughts go future to past.

So we think it's information, but while it might be information all the way down, it's energy all the way up.

Though our digestive, respiratory and circulatory systems process the energy, while the central nervous systems sorts the information.

One is the images on the film, the other is the light shining through it.