I wave. Hand straight up. No pointing at the ground or secrect code stuff. I'll also wave to anyone who lives on my street.

Police shouldn't wave back. If another motorist or even a pedestrian sees a police officer waving they could report it and the police officer could be investigated for providing preferential treatment to motorcycle riders.

Not to mention it could be against workplace health and safety rules. The police officer is working and must do so in a completely safe manner. waving at people is not riding in the safest manner. If there was an accident and it was found that the police officer was waving at the time or just prior to the accident he could be in serious trouble.

Let it go. The police officer would know you showed him respect as a fellow bike rider.