Syllable division derived from spelling — this word is not in the pronouncing dictionary, so no phonetic transcription is shown rather than a guessed one.
wave-off is a noun meaning "an approach that fails and gives way to another attempt". It carries one recorded sense.
an approach that fails and gives way to another attempt
Definitions, synonyms and semantic relations for wave-off come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.