I get a few of these rise-dip-rise traces too from time to time. I find it easiest to try to unpick them if several days seem to show a similar pattern.
For me it feels like the result of the unfolding of insulin action, prebolus timing, and carb absorption over time?
If you ate at noon-ish, then the dose you took for the food, would be (theoretically) most active between 1pm and maybe 3pm, then tailing off between 4pm and 5pm. So the significant drop 3.30pm-6pm might feel a bit ‘late’.
But that would depend on the absorption at the site, and could be affected by all manner of things like level of activity, ambient temperature, blood flow yada yada.
Plus there’s your basal insulin to factor in - is that exactly dealing with the background glucose release you are getting that day (is that glucose release the same as it usually is, or has it been affected by anxiety, excitement, illness, the moon being in Jupiter, or the colour of your socks?). If your basal is over-reaching, or conversely not quite keeping up, you can find yourself with meal doses acting over a ‘slope’ rather than a level playing field.
Then there’s the absorption of the food, and the nature of what it was - plus what your digestive system was up to at the time… fat content… gastric emptying… previous alcohol consumption… fullness of the stomach… gastric hormones.
To be honest, it’s a wonder we ever get any kind of repeatable results with all the variables involved!