Wavy Blue is the lighter of the two by a good bit - it's a microglitter in a lighter navy shade. I don't think it's bright enough to be called royal blue. Indigo is a much darker metallic blue with scattered holo glitter, so it's basically one of those "night-sky" blues.
Indigo is a current color. The Triple Shine line from Sally Hansen is apparently discontinued. They had a ton of different lines at one point, but they've really pared down the number recently.