Your arrow may be to light and not correctly spined for the bow. You say the arrow is spined at 30lbs and the bow for 37lbs.
Try pulling a few inches just short of full draw, and see if the tail wobble calms down. If it does your arrow is not stiff enough to stabilize it's self in mid flight. Also keep in mind with a under spined arrow, if your knock point is slightly too high or slightly too low it will exaggerate the the up and down wobble along with the side to side wobble, making the tail of the arrow wobble in a circular motion. Your knock point should be just slightly above center line of where the arrow rests on the bow. You will have to fine tune this center line for your specific bow, by walking the knock up or down the string. Once you find the sweet spot mark it, measure it and make note of it. Every bow will be different.
By the way,,, what is your draw length???