Waving appears first in the title, and it carries a positive meaning. Waving symbolizes friendliness or connection. One person might wave at a person that they know or that they want to know. It is a signal of awareness and life.

The group of unnamed people—the “[t]hey” (Line 8)—think the man is waving at them. Their interpretation of the gesture reinforces its positive symbolism. They believe the man is in good spirits—he is enthusiastically greeting them while “larking” (Line 5) about in the water, apparently signaling to them that he is having a good time. In reality, the wave is a signal of distress, with the man trying to get their attention so that they will rescue him from drowning. The poem’s symbolism of waving and its misinterpretations suggests that people can outwardly appear fine while inwardly struggling and needing help.

Drowning is a symbol of struggle. The man tells the people at the start of the poem, “I was much further out than you thought / And not waving but drowning” (Lines 3-4). In the conclusion, the man repeats, “I was much too far out all my life / And not waving but drowning“ (Lines 11-12).