I shoot a lot of recuves. Chek-Mate & PSE are my main bows I like to shoot. Both take down & self-bows. What I've found is that yes a wax build up can make the noise, but also if the limb bolts are loose just a touch you will get a lot of noise too. I agree that the wax paper bit works but you might also consider putting on calf-skin silencer pads on both the top and bottom of your limbs just a touch below the string anchors. I've done this onmine and the noise is gone. There are a number of different products out there that are both natural & synthetic. Eith kind will do. I use a adhesive synthetic calf skin on all my bows and I have to say that I'm way beyond impressed by the silencing properties. maybe you might want to give this try. Let me know how it works out, as I would ber interested in seeing what happens.
Little-John2005