A (repeated) sequence of rhythmic hand movements performed whilst or instead of dancing, especially to rock-and-roll music.
The traditional hand jive consists of a (repeated) sequence of 16 movements, performed one to each beat of the music. For a list of the movements involved, see for example L. J. Sagolla Rock 'n' Roll Dances of 1950s (2011) 46.
1950s; earliest use found in The Radio Times. From hand + jive.