I usually just yell out "I love your bike!"
If I had to go with a hand signal though, I'd opt for the chef's kiss gesture.
Form each of your hands into a circle. Rotate your wrists, maybe even dislocate your shoulder, so your hands rotate like bike tires continuously. Position your head like it's the handlebars. Never break eye contact. Smile so wide you have to unhinge your jaw, showing your gaping maw.
They're trying to tell someone "nice bike", not summon Cthulhu.
LOL
If you are currently on a bike, point to yours, point to theirs, then thumbs up and smile. If you aren't on a bike, reconsider your life choices.
Say it! "Nice bike!". =)
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