The Collaborative International Dictionary of English v.0.48:

Waver \Wa"ver\, v. i. [imp. & p. p. Wavered; p. pr. & vb. n.
   Wavering.] [OE. waveren, from AS. w[ae]fre wavering,
   restless. See Wave, v. i.]
   [1913 Webster]
   1. To play or move to and fro; to move one way and the other;
      hence, to totter; to reel; to swing; to flutter.
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            With banners and pennons wavering with the wind.
                                                  --Ld. Berners.
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            Thou wouldst waver on one of these trees as a terror
            to all evil speakers against dignities. --Sir W.
                                                  Scott.
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   2. To be unsettled in opinion; to vacillate; to be
      undetermined; to fluctuate; as, to water in judgment.
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            Let us hold fast . . . without wavering. --Heb. x.
                                                  23.
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            In feeble hearts, propense enough before
            To waver, or fall off and join with idols. --Milton.
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   Syn: To reel; totter; vacillate. See Fluctuate.
        [1913 Webster]

WordNet (r) 3.0 (2006):

wavering
    adj 1: uncertain in purpose or action [syn: vacillant,
           vacillating, wavering]
    n 1: indecision in speech or action [syn: hesitation,
         vacillation, wavering]
    2: the quality of being unsteady and subject to changes; "he
       kept a record of price fluctuations" [syn: fluctuation,
       wavering]