It looks like seb derm induced by malassezia, and the follicular variety. This is very hard to treat but not impossible. The best method for a differential diagnosis is to use an effective antifungal for two weeks and see if there's any change. Try Nozoral 1% shampoo (OTC but web-order only) and Lotrimin Ultra cream (not the AF kind). These are not the best treatments in the world but they are easy to buy in the US. If you have some positive results, Hegor 150 shampoo is 1.5% climbazole and more effective, but it contains SLS so it's irritating and not ideal -- that's sold only on eBay.
I think the wax got into your pores and incited an allergic reaction. It's possible that the wax is stuck there and still feeding the malassezia. I know another guy who had exactly the same problem after waxing -- red bumps everywhere.
It's easiest to understand the problem as a skin allergy and a fungal overload. Use an antifungal product to control the fungal overload and use an oil that cannot be metabolized by malassezia. All commercial lotions have oils that malassezia can metabolize, so about all that you can use is MCT oil, which is carbon lengths 8 and 10, which malassezia cannot metabolize. It's too oily to use on your face but it might soften up the residual wax on your arms and chest -- that will be a long shot though. You can buy MCT oil at Hi-Health and Whole Foods, or on the web. The "NOW" brand is sold all over the web.
Doctors in the US are apparently ignorant of this fungal allergy/problem but it's better understood in other parts of the world. All antibiotics will make the fungal overload worse, and good lord how many months have you taken them with no positive results? Time to stop, IMO. Vitamin D3 and magnesium supplements will help a little too. All treatments take a very long time, and probably need to be used every day forever, because the problem is actually an immune system deficiency.
Look back at everything I've ever written here or at rosacea.org and send me a PM when you have enough posts to do that. I've had all the same problems you are experiencing, but my similar condition was bigger than a single follicle, and consisted of itchy red plaques, that slowly flaked off. Both forms of malassezia-induced problems have the same causative agents. I've researched this as much as I can because health care professionals were no help at all.
FYI "Tinea" means fungal and the next word describes where it's located on the body. The word is a useless misnomer, chosen by ancient Romans because it means "worms," which is what the non-scientific medical world thought the causative agent was, 2,000 years ago. Why it persists is a mystery to me. You can't get very far researching tinea because it doesn't describe the cause, but merely where it is and what it looks like.