No. Just like I don't wave at other auto drivers when I'm in a car. Its not uncommon to see other bicyclists on the road, both on weekday commutes and longer weekend rides. In fact, there would be so many it would be analogous to repeating the famous Steve Martin joke from his 1980's stage performances:

"I'd like to thank each and every one of you for coming to the show tonight . . . thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you thank you . . . . . "