This word is acceptable for play in the US & UK dictionaries that are being used in the following games:

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v. Present participle of wave.

n. Repeated moving of arms or hands to signal.

n. the act of signaling by a movement of the hand

"Flag-waving is but a quadrennial affair, when the German soccer team marches off to the World Cup."

wave-line theory   

waved    waves    waving   

rise    reservist    woman    adult female    gesticulate    gesture    motion    motility    movement    move   

undulation    sinuosity    swing    sea    gesture    flourish    curve    waver    ripple    concentric waves   

waive    undulation   

waver    wave number    wave packet    waveguide    wave field synthesis    wavelet    Elliott wave theory    wave function    wave mechanics    wave ski   

float    flutter    undulate    fluctuate    waver    vacillate    brandish    waft    beckon    signal   

Dave    aftershave    behave    brave    cave    concave    crave    deprave    engrave    enslave   

tide    sound    cloud    stream    storm    wind    rush    movement    feel    burst