Light can be represented as a transverse electromagnetic wave made up of mutually perpendicular fluctuating electric and magnetic fields. The diagram shows the electric field in the $x y$-plane, the magnetic field in $x z$-plane and the propagation of the wave in the $x$-direction.
Fig. (2) shows a line tracing out the electric field vector as it propagates traditionally, only the electric field vector is dealt with because the magnetic field component is essentially the same.