Is the patient pushing at this point? That is what I am thinking but not a lot of info to go on. If she is pushing, first stop pushing, see how the kid recovers and notify the MD. If the MD was in the room and close to delivery would definately consider pushing every other contraction and give the kid a break. I have had strips that have looked like this during pushing right before delivery and they always belong to a kid with a tight nucal cord. It just depends on the big picture and the MD.
If this was a patient who was laboring, I would reposition, ve, turn off pit, fluids, O2 all while someone is calling the MD.