Towel Wave (similiar to victory cigar) is used to describe a situation when a player/fan/audience waves their towels as soon as they as think their team sealed the win.
NBA Commentator #1 : Here's Kobe with the dagger 3.
NBA Commentator #2 : And There's the Lakers bench with the Towel Wave.
NBA Commentator #2 : And There's the Lakers bench with the Towel Wave.
by njrover January 25, 2013