The wave sheaf offering is found in Leviticus 23:9-14.  It is a ceremony that starts the fifty-day count to “the Feast of Weeks”.  The Feast of Weeks is called Shavuot by the Jews and also referred to in the New Testament as Pentecost (from the Greek meaning fiftieth).

In seeking to answer the question, “What is the meaning of the wave sheaf offering?”, it is helpful to look at the instruction for it, which occurs immediately after that of the Passover and the Feast of Unleavened Bread in Leviticus 23.

Lev 23:9  And the LORD spoke to Moses, saying,
Lev 23:10  “Speak to the children of Israel, and say to them: ‘When you come into the land which I give to you, and reap its harvest, then you shall bring a sheaf of the firstfruits of your harvest to the priest.

In ancient Israel there were three harvests, two in the spring (barley and wheat), and the third in late summer stretching into early autumn.  The barley spring harvest comes first. 

Exo 9:31  Now the flax and the barley were struck, for the barley was in the head and the flax was in bud.
Exo 9:32  But the wheat and the spelt were not struck, for they are late crops.

So the wave sheaf offering was from the barley harvest.

Lev 23:11  He shall wave the sheaf before the LORD, to be accepted on your behalf; on the day after the Sabbath the priest shall wave it.

The first sheaf of the harvest was brought to the priest, who in turn waved it before God. 

Lev 23:12  And you shall offer on that day, when you wave the sheaf, a male lamb of the first year, without blemish, as a burnt offering to the LORD.
Lev 23:13  Its grain offering shall be two-tenths of an ephah of fine flour mixed with oil, an offering made by fire to the LORD, for a sweet aroma; and its drink offering shall be of wine, one-fourth of a hin.
Lev 23:14  You shall eat neither bread nor parched grain nor fresh grain until the same day that you have brought an offering to your God; it shall be a statute forever throughout your generations in all your dwellings.

No one was to eat any of the grain of the harvest until this had been done.  This means that the sheaf of grain which was waved before the LORD came from the first part of the harvest.  It was a “firstfruits”.  The same term is used to describe Jesus Christ.

1Co 15:20  But now Christ is risen from the dead, and has become the firstfruits of those who have fallen asleep.
1Co 15:21  For since by man came death, by Man also came the resurrection of the dead.
1Co 15:22  For as in Adam all die, even so in Christ all shall be made alive.
1Co 15:23  But each one in his own order: Christ the firstfruits, afterward those who are Christ’s at His coming.

Jesus Christ is also called “the firstborn from the dead”.

Col 1:18  And He [Christ] is the head of the body, the church, who is the beginning, the firstborn from the dead, that in all things He may have the preeminence.

Rev 1:5  and from Jesus Christ, the faithful witness, the firstborn from the dead, and the ruler over the kings of the earth. To Him who loved us and washed us from our sins in His own blood,

In the Bible, particularly in the New Testament, grain harvests symbolise a “harvesting” of souls to eternal life.  For example:

Mat 9:37  Then He said to His disciples, “The harvest truly is plentiful, but the laborers are few.

Joh 12:24  Most assuredly, I say to you, unless a grain of wheat [Jesus Christ] falls into the ground and dies, it remains alone; but if it [Jesus Christ] dies, it produces much grain [resurrected saints].

The parable of the Sower, Matthew 13:1-9.

The parable of the Weeds, Matthew 13:24-30.

This symbolism together with the titles Jesus has of “the firstfruits” and “firstborn from the dead” lead to the understanding that the wave sheaf offering of the firstfruits represents a resurrected Jesus Christ and His ascension to the Father shortly after his resurrection.

The whole ceremony of the wave sheaf offering is rich with symbolism all pointing to Jesus Christ.  Below are listed some of the aspects of the ceremony and their likely meaning.

A male lamb without blemish was offered as a burnt offering, Leviticus 23:12. 

Lev 23:12  And you shall offer on that day, when you wave the sheaf, a male lamb of the first year, without blemish, as a burnt offering to the LORD.

The male lamb undoubtedly pictures Jesus Christ who is referred to as the Lamb of God.

Joh 1:29  The next day John [the Baptist] saw Jesus coming toward him, and said, “Behold! The Lamb of God who takes away the sin of the world!

The lamb was a burnt offering which were totally consumed by fire.  In the same way, Jesus Christ was tested and tried and then He surrendered Himself totally and completely as a sacrificial offering on our behalf.

Heb 10:12  But this Man, after He had offered one sacrifice for sins forever, sat down at the right hand of God,

A grain offering was made of fine flour mixed with oil, Leviticus 23:13.

Lev 23:13  Its grain offering shall be two-tenths of an ephah of fine flour mixed with oil, an offering made by fire to the LORD, for a sweet aroma; and its drink offering shall be of wine, one-fourth of a hin.

The fine flour could symbolise the beating, scourging, suffering, and broken body of Jesus. 

Mat 26:26  And as they were eating, Jesus took bread, blessed and broke it, and gave it to the disciples and said, “Take, eat; this is My body.”

The mixing of the fine flour with oil could represent Christ’s being filled with the Holy Spirit.  His supreme sacrifice was as a sweet aroma to God because Jesus gave Himself voluntarily and unconditionally for sinful mankind.

Eph 5:2  And walk in love, as Christ also has loved us and given Himself for us, an offering and a sacrifice to God for a sweet-smelling aroma.

The accompanying drink offering of wine could symbolise Christ’s pouring out His blood to pay the penalty for our sins (Matthew 26:27-28; 1 John 1:7).

Mat 26:27  Then He took the cup, and gave thanks, and gave it to them, saying, “Drink from it, all of you.
Mat 26:28  For this is My blood of the new covenant, which is shed for many for the remission of sins.

Conclusion

The wave sheaf offering of the firstfruits represents a resurrected Jesus Christ and His ascension to the Father.