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 xy-plane, the magnetic field in xz-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.