For me, waving means we are in the same environment, the same exposures, the same (more) dangers than the driver behind a wheel so when I wave, it means "Be Safe, there are idiots out there driving cars who don't see you". and I normally point 1 or 2 fingers down at 45 degrees and stay that way until I pass them.
I have a friend who has a 150cc scooter. He never waves because many many bikers will not wave at him so he stopped doing it. I wave regardless because they are exposed to the same dangers as a Gold Wing 1300.
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