What is the proper way to acknowledge fellow enthusiasts?

So I drive a Mini Cooper as my DD. I live in an area with a high amount of other Mini motorists and we always acknowledge each other with a simple wave as we pass by.

I was wondering though, how do you acknowledge other gearhead enthusiasts in cars that you don't drive. For instance, the other day I was driving along and a early model Ford (like a model T) passed by me. I gave the driver a simple thumbs up and he waved back.

Did I do that right? Is there some special wave that I don't know?