The Moon is waning (decreasing in light) in the last half of its cycle (about 14 days) from Full Moon (Moon opposition to Sun) to New Moon (Moon conjunct the Sun). This is considered to be a time for reaping the rewards of plans implemented during the waxing Moon.
The Moon is waxing (increasing in light) in the first half of its cycle (about 14 days) from New Moon (Moon conjunct the Sun) to Full Moon (Moon opposition to Sun). This is considered to be a good time for making and putting plans into action.
The West Point (also called the Equatorial Descendant) is a point where the Western Horizon intersects the Prime Vertical (a Great Circle passing through the Zenith and the Nadir of the Place) and the Celestial Equator (a Great Circle corresponding to the Earth's Equator projected onto the Celestial sphere.)