Add filter to an adjustment layer that is applied to a moving shape layer

Adjustment layers should only be used to modify every layer below them. I see a lot of questions on the forum from inexperienced users that assume that an adjustment layer simplifies things. The only time an adjustment layer simplifies things is when you need to apply the same effect to a bunch of layers and pre-composing is not a more efficient solution.

If you want to change one layer, add the effect directly to the layer, then reorder the effects stack if necessary. If there is a problem doing that, remove the new effect, pre-compose moving all attributes to get the original effects in the pre-comp, then apply the additional effect to the nested Pre-comp.

Trying to make an adjustment layer affect only one layer in composition overcomplicates the workflow and could dramatically increase render time because you are now calculating new pixel values for more than one layer. 

You may need to generate a matte by duplicating your effect based on a white circle, then use that to mask out the colored version of your layer. If you really only want to color the wave you'll need to use the multi layer approach.

Mylenium 

You would simply apply one of the color adjustments like Hue/Saturation.

Mylenium