verb
Waving is the present participle form of the verb wave, which means to move one's hand or something held in it to and fro as a greeting or signal.
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The diplomat was seen waving to the crowd as he exited the building.
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I saw my neighbor waving from across the street.
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She was waving like crazy at the concert last night.
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The tall grass in the field was waving in the wind like a sea of green.