I notice that this thread is over five years old. I live in Staffordshire and get lots of waves, both returned and initiated. Well done to the people of Staffordshire and Shropshire 
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I find most male 5 drivers will wave back, and about half of the time they wave first and it’s me that waves back.
I never bother waving if I know it’s a woman driving as it seems that they just don’t do it.
Just my experience.
Yes, still better to use one of the existing several hundred threads about waving than create a new one…
It is one of the more popular topics around 5 ownership wherever you go globally on bulletin boards (remember them?), various fora and of course the swamp that are MX-5 related Facebook groups…
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I missed a wave the other day that my wife passenger pointed out to me. We were topless so I flung my arm in the air and waggled it a bit, hoping the other MX would notice in their rear view mirror.
The car behind me must have thought I was flicking the Vs at them as they were tailgating somewhat and backed off.
Bonus!
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Best of all is when you get the lights up / blink / lights down from an approaching Mk1 
Happened to me in Bath a few weeks ago - Thank you, whoever that was.
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Well, I am female, and I always wave!!! 
In fact, quite often I wave first, and I am the one that gets ignored?!!! 
JMK
A couple of years ago a very attractive blonde in an equally attractive top-down powder blue SLK gave us a wave in our top-down Icy Blue Niseko and so we waved back, each thinking the other knew the SLK driver.
The inspiration for choosing our Niseko was that SWMBO originally wanted a powder blue SLK because she had seen one at her tennis club. I assumed this was the one. But no, she thought the attractive driver was someone I knew!
It was only a minute or so later when we both asked “Who was that?” that we realised she was actually waving at another rarely seen pale blue convertible.
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Ha, Ha!! That’s brilliant!!!
All I can say is, when I first got my MX-5 I waved to all others, and quickly found that, by no means all - but most men, would wave back but never got a wave from a lady driver. So after a while I resolved to being the one who would wave back … so far I haven’t had the opportunity.
Of course if we passed each other I would wave back!
I think I’ll start waving. Wife already thinks I’m bonkers saying “Oh look an NA”, “Oh a 3.5” et cetera as I drive along.
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I notice that ND owners wave less. It could be they have bought the car as a first time MX5 owner and unaware of its history and then surprised folk keep waving at them.
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The only other MX-5 owner I’ve spoken to, driving a much modified NA, told me an NC isn’t a ‘real’ MX-5.
Proper put me in my place!
I’ll take any excuse to pop-up the lights on my NA and give a wave, but the other day my wife stopped me as she saw my hand move to flash the lights at a Mk3… I wasn’t in my MX5!
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Well that man was wrong!
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Always wave or flash lights from my Soul Red ND at all MX-5s and Eunos etc. when I spot one and it’s safe!
Great when I get a response
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After five years of reading comments on numerous variations of this topic I am beginning to wonder about doing a PHD in Human Behaviour to get to the bottom of why some people do and more importantly why many people do not wave…
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I reckon it will have something to do with having driven an MG in their youth. I only had a brief relationship with a Midget. My NC1 feels like the 21st C grandchild of an MGB GT with a full-length Webasto.
Same here, filling up the NC with petrol a lady (blonde again) in an NC waving vigorously at me as she drove by.
Wife says do you know her, nope was the reply. It’s a good job Mrs A knows the MX-5 wave thing😁
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Way back 2CV drivers did a wave ,
Always waved in our 2CV. It helped pass the time until the other 2CV went past.
(I wish they’d make an e-2CV today)