From “To Wave Or Not To Wave; Is That The Question?” (on ADVRider.com):
All your brothers and sisters riding motorcycles are part of your family. Over the years, we’ve developed a “cultish” like requirement whereby we are peer pressured to openly express our love to our extended family.
It’s called “The Wave”. You know, the signal that tells other riders that you recognize their sense of adventure, the freedom of the open road, and that yes, they too are cool.
I did not know there were so many different ways to greet fellow-bikers! Beware of the ‘ADVRider Inmate wave‘, though…
NUKLEOS weblog 
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