How do we explain a timing diagram in a technical talk?

One of my slides of my presentation at a technical conference includes a timing diagram. I have to explain the functionality of the read/write operation with the help of this figure. I have maximized the diagram and am planning to explain each signal assertion. This slide is one of the many slides and I am concerned about the time needed to be allotted for the timing diagram. I feel it is rather important as it explains the functionality of the proposed model.

Please suggest how I should go about formatting the diagram as well as explain the timing diagram.