The phrase "waving red flag" refers to a signal of warning or danger. However, there are several other synonyms that can be used to convey a similar meaning, including "alert," "forewarning," "caution," "indication," and "signaling." All of these words imply an impending threat or danger, and can be used to indicate that something potentially harmful is about to occur. At times, these warning signals may be subtle or ambiguous, meaning that it is important to read between the lines and pay close attention to the context in which they are presented. Ultimately, recognizing and responding to these warning signs can help us avoid potential disasters or misfortunes.