Source : Webster's Revised Unabridged Dictionary (1913)

Wave \Wave\, v. i. [imp. & p. p. {Waved} (w[=a]vd); 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}.]
   1. To play loosely; to move like a wave, one way and the
      other; to float; to flutter; to undulate.

            His purple robes waved careless to the winds.
                                                  --Trumbull.

            Where the flags of three nations has successively
            waved.                                --Hawthorne.

   2. To be moved to and fro as a signal. --B. Jonson.

   3. To fluctuate; to waver; to be in an unsettled state; to
      vacillate. [Obs.]

            He waved indifferently 'twixt doing them neither
            good nor harm.                        --Shak.

Source : WordNet®

waving
     adj : streaming or flapping or spreading wide as if in a current
           of air; "ran quickly, her flaring coat behind her";
           "flying banners"; "flags waving in the breeze" [syn: {aflare},
            {flaring}, {flying}]
     n : the act of signaling by a movement of the hand [syn: {wave},
          {wafture}]