Board Thread:General Discussion/@comment-98.70.181.249-20130202161356/@comment-6039206-20130204222829

There's no 65 wave levels, there are 60 wave levels though. So if we assume each wave had 9 pokémon each, that would be 540 Pokémon per level. That means that for each of those 60 wave levels, there is approximately a 1/16 chance in a shiny appearing, or 0.0625% chance to get a shiny per 60 waves.