wave goodbye to (something)
To lose or end something, especially suddenly; to be forced to accept such a loss or end. You were caught drinking on school property? Well, you can wave goodbye to your brand new car, mister! After the final horse lost its race, I waved goodbye to all the money I'd won that day at the track. You do realize that you'll be waving goodbye to all the health insurance benefits the company has to offer if you decide to work as a freelancer?
wave (a/the) white flag
To offer a sign of surrender or defeat; to yield or give in. After the prosecutors brought forward their newest evidence, the defendant waved the white flag and agreed to the plea bargain. We've been in negotiations for weeks, but it looks like the other company might finally be ready to wave a white flag.
wave the bloody shirt
To encourage violence and animosity. The phrase was especially popular during the US Civil War. Primarily heard in US. A lot of people in our country are waving the bloody shirt right now, but I just can't support acts of violence, however justified they may be.