The meaning of Wave offerings in the Bible
(From Easton's Bible Dictionary)

parts of peace-offerings were so called, because they were waved by the priests (Exodus 29:24,26,27; Leviticus 7:20-34; 8:27; 9:21; 10:14,15, etc.), in token of a solemn special presentation to God. They then became the property of the priests. The first-fruits, a sheaf of barley, offered at the feast of Pentecost (Leviticus 23:17-20), and wheat-bread, the first-fruits of the second harvest, offered at the Passover (10-14), were wave-offerings.

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