A person in a large pink triangle-shaped costume waves as a man and a woman dressed in matching brightly-colored striped and polka-dotted outfits smile back.
The person is moving her hand.
waves is moving her hand
A wave means moving your hand as a gesture to another person.
A person in a large pink triangle-shaped costume waves as a man and a woman dressed in matching brightly-colored striped and polka-dotted outfits smile back and another person is moving her hand. Sentences are not matched together.