Waning' refers to the shrinking of the Moon's illumination, and 'crescent' means less than half of the moon is illuminated. This particular moon cycle signifies surrender. Surrender is another feminine characteristic associated with the moon. It signifies a time to let go: let go of your intention, your stress or worries, and simply enjoy being alive.
This is the moon phase of surrendering to the here and now, and embracing life for what it is. Relax, take a deep breath, and just be.