OSU,
There are three things here: 1) truly waving, 2) pointing, and 3) the "get away" signal.
Answer this question, as it relates to a potential kick receiver: What purpose does extending ones arms to the side serve?
Do they becomes wings and he can fly? Don't think that is it.
Does he need that for balance? Maybe - but, if so, he might need to consider a different recreation or vocation.
Is he pretending to be a baseball umpire and signaling the runner safe? Don't think that is it either.
Could it be that he knows a true waving signal will be acknowledged by everybody as a valid or invalid fair catch signal, so, by using extended, but stationary arms, he might fool the kicking team into relaxing and not worrying about him much, in hopes that he can catch/recover the ball and advance? Hmmmm. Just could be.
That's why coordinators, and even the National Coordinator, has acknowledged such actions as constituting a "get away signal," and is thus, an invalid signal, which causes the ball to become dead upon possession.
Yes, we probably do need another A.R., or even an editorial change to the rules, to eliminate that perceived loophole in the rule. But, we'll continue to officiate it that way, regardless.
Robert