I used to wave
all the time! I got so few responses that I began to think I was wasting my time. Now, when people wave at me, I'm taken by suprise.
I just can't seem to get it right...
Yet I do remember many times I would see a cyclist coming the other way, and I would get ready to nod or wave, just in case they were, "friendly," and get the payoff: a smile, nod, or wave in return. It's sort of like everyday life off the bike. If you're prepared to be friendly, there's often an opportunity to do so.
(But I admit that on the bike, it requires a bit of extra skill!)