Waving the arms, "T" or not?

[footlocker]

Wow, this is so subjective and any of these could be right. I can see myself handling this all these ways. It depends on game situation and quality of the coaches.

If I can go to a coach and ask for help on this, I probably will.
If I need to hit the whistle and explain to the player why this is wrong, I will.
If I interpret it as taunting based on score and game situation, I will T him.
If it looks like nothing, then I have nothing.

Point is, referee on the floor when it happens has to make this decision and live with it. No second guessing allowed here. You might do differently, but let's face it- any of these answers could be fitting.