If there are enough recorded speeds on a road, then Waze uses a shrinking window of speeds to better estimate the average speed at the time you are travelling on it. Waze uses the speed of each road segment (in both directions) in intervals as small as 30 minutes. So a two-way road might have up to 96 average road speeds. We can assume that when there are insufficient records for an individual time slot, a wider time range is used (up to a full day). As the road is driven more, the time slot shrinks down to 30 minutes.