
1) Acknowledged the crowd 2) Emulated a flag 3) Fluttered in the breeze 4) Fluttered in the wind 5) Gave a silent greeting 6) Gave the hi sign 7) Gestured goodbye 8) Greeted from afar 9) Greeted wordlessly 10) Marcelled 11) Moved in the wind 12) Said hi to the cameras 13) Showed the flag 14) Signaled
Found on
https://www.crosswordclues.com/clue/waved

1) Swung 2) Undulated
Found on
https://www.crosswordclues.com/clue/waved

• (a.) Exhibiting a wavelike form or outline; undulating; intended; wavy; as, waved edge. • (a.) Having a wavelike appearance; marked with wavelike lines of color; as, waved, or watered, silk. • (imp. & p. p.) of Wave • (a.) Having undulations like waves; -- said of one of the lines in heraldry which serve as outlines to the ord...
Found on
http://thinkexist.com/dictionary/meaning/waved/
Waved adjective 1. Exhibiting a wavelike form or outline; undulating; intended; wavy; as,
waved edge.
2. Having a wavelike appearance; marked with wavelike lines of color; as,
waved , or watered, silk.
3. (Her.) Having undulations like waves; -- said of o...
Found on
http://www.encyclo.co.uk/webster/W/16

In heraldry, waved or wavy describes a line outlining an ordinary, etc. which has undulations like waves.
Found on
http://www.probertencyclopaedia.com/browse/UW.HTM
No exact match found.