Koreans don't wave hands to say hello or bye to the senior. Of course, hand waving is common with friends in Korea. However, when you greet people who are older than you, you should bow.
In Korea, bowing shows courtesy. Interestingly, the degree of the bow depends on politeness, social status, and seniority. To show the highest degree of politeness, you bend your head and waist about 45 degrees. Common courtesy to most people is shown by bending about 15 degrees with your face downward.
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