Don't forget that waving is supposed to be a selfless act. It is supposed to be for the other person to enjoy, not a challenge for them to acknowledge you 'or else'.
I don't always wave but most of the time I give a nod or finger-lift etc. I pass about 3 of the same riders in the morning heading the opposite way. I give a nod to all of them or say g'mornin!' as we fly by. The 'retiree' always gives a full hand off bar wave. The 'young pannier guy' didn't wave at first but after about two weeks I now get a smile and nod. The 'beach cruiser mom' is a real trooper. She must get more mileage than you'd think in her regular clothes, teal bike and matching helmet and wicker front basket. I always gave her a smile and good morning when she showed up. After about two weeks or so she actually started relaxing enough to say good morning back.
I can put 100 miles a week on this stretch of trail, so I feel I'm just making it more of a community.