General:
* Undulation
* Ripple
* Swell
* Surge
* Billow
* Crest
* Trough
* Motion
* Fluctuation
Specifically for water:
* Breaker
* Current
* Tide
* Surf
Specifically for hand gestures:
* Signal
* Greeting
* Beckon
* Salute
Figuratively:
* Flow
* Rush
* Surge
* Trend
* Movement
In physics:
* Oscillation
* Vibration
* Propagation
The best synonym will depend on the specific meaning you want to convey.