North Wales calling in here, many riders nod or wave, though on a sunny weekend you can get neck fatigue, I started riding in the early 70s when it was considered very bad form indeed to ride past a stopped rider, I normally stop or do the thumbs up/down thing, in winter the waving/nodding seems to increase a little, perhaps due to there being more "serious" riders about in the cold/wet weather. Headlight flashing is less common now that many bikes use daytime lights, and as a previous poster pointed out a flash can have other meanings.
As we seem to be attracting a little flak in this thread I will point out at this juncture that I am a BMW GS rider, I will always wave or nod, in my big alloy panniers (that seem to annoy some folks for some reason) there are a first aid kit, tools, a puncture kit, a compressor and usually the means to make us both a cup of tea if I cant help in any other way
Stewart
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