The tierra del fuego is an archipelago, or group of island. they are located between which two labeled waterways?

To the west of the Tierra del Fuego is the Pacific Ocean, and most likely it was marked on your map.

To the North there is the Strait of Magellan, that joins the Pacific and the Atlantic Ocean: this is possibly the other waterway marked on your map?

To the east is the Atlantic Ocean, this is also a likely candidate.