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From numerical simulations of the Einstein equations, and also from gravitational wave observations, the gravitational wave signal from a binary black hole merger is seen to be simple and to possess certain universal features. The simplicity is somewhat surprising given that non-linearities of general relativity are thought to play an important role at the merger. The universal features include an increasing amplitude as we approach the merger, where transition from an oscillatory to a damped regime occurs in a pattern apparently oblivious to the initial conditions. We propose an Airy-function pattern to model the binary black hole (BBH) merger waveform, focusing on accounting for its simplicity and universality. We postulate that the relevant universal features are controlled by a physical mechanism involving: i) a caustic phenomenon in a basic `geometric optics' approximation and, ii) a diffraction over the caustic regularizing its divergence. Universality of caustics and their diffraction patterns account for the observed universal features, as in optical phenomena such as rainbows. This postulate, if true, allows us to borrow mathematical techniques from Singularity (Catastrophe) Theory, in particular Arnol'd-Thom's theorem, and to understand binary mergers in terms of fold caustics. The diffraction pattern corresponding to the fold-caustic is given in terms of the Airy function, which leads (under a `uniform approximation') to the waveform model written in terms of a parameterized Airy function. The post-merger phase does not share the same features of simplicity and universality, and must be added separately. Nevertheless, our proposal allows a smooth matching of the inspiral and post-merger signals by using the known asymptotics of the Airy function.