Timing belt wobble normal?

My engine has this chatter/tick which i assumed was lifter tick. However, I noticed that the timing belt has this rhythmic wobble to it and am now concerned that the sound may be tensioner/belt smacking related. Engine was installed 11 years 20,000 miles ago, and as new as the belt looks i believe that the belt was changed at that time. The belt has a little give to it, but seems tight.

Can anyone tell me if this is normal/safe?

https://www.youtube.com/watch?v=kPPW...ature=youtu.be

thanks.

looks pretty normal...