My rear wheel hub has an odd wobble

I have recently serviced this wheel hub and have just noticed this very slight wobble. it's the same kind of wobble that you would get if you put a chain set on badly, or had a bent disc brake. it's particularly obvious from the side with the freewheel on.

What do you think it is? I am thinking I just re adjust the hubs again and see if it goes away?

NB i also know that the wheel is not true; I'm getting that done after I figure this out. I'm slightly worried that whatever is causing this wobble will interfere with being able to achieve a proper true.