From WordNet (r) 3.0 (2006) [wn]:
waving
n 1: the act of signaling by a movement of the hand [syn:
wave, waving, wafture]
From The Collaborative International Dictionary of English v.0.48 [gcide]:
Wave \Wave\, v. i. [imp. & p. p. Waved; p. pr. & vb. n.
Waving.] [OE. waven, AS. wafian to waver, to hesitate, to
wonder; akin to w[ae]fre wavering, restless, MHG. wabern to
be in motion, Icel. vafra to hover about; cf. Icel. v[=a]fa
to vibrate. Cf. Waft, Waver.]
[1913 Webster]
1. To play loosely; to move like a wave, one way and the
other; to float; to flutter; to undulate.
[1913 Webster]
His purple robes waved careless to the winds.
--Trumbull.
[1913 Webster]
Where the flags of three nations has successively
waved. --Hawthorne.
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2. To be moved to and fro as a signal. --B. Jonson.
[1913 Webster]
3. To fluctuate; to waver; to be in an unsettled state; to
vacillate. [Obs.]
[1913 Webster]
He waved indifferently 'twixt doing them neither
good nor harm. --Shak.
[1913 Webster]