A self consistent set of Hamilton equations describing nonlinear saturation of the amplitude of oscillations excited under the conditions of parametric decay of an elliptically polarized extraordinary wave in cold plasma is solved analytically and numerically. It is shown that the exponential increase in the ampli tude of the secondary wave excited at the half frequency of the primary wave changes into a reverse process in which energy is returned to the primary wave and nonlinear oscillations propagating across the external magnetic field are generated. The system of "slow" equations for the amplitudes, obtained by averaging the initial equations over the high frequency period, is used to describe steady state nonlinear oscillations in plasma.