A welding system and method provide for generating a controlled waveform for welding power output, the waveform comprising a plurality of successive peak phases followed by a short circuit between a welding wire electrode and an advancing weld puddle. Each then present peak phase is regulated based upon at least the immediately preceding short circuit to control the short circuit that will occur following the then present peak phase. Some embodiments permit regulating at least one waveform phase based upon at least the immediately preceding short circuit to control the next short circuit that will occur, and regulating at least one short response phase based upon at least the immediately preceding short circuit to control the next short circuit that will occur.