Hi Charles... Something to consider...
The "two older ladies" seem to simply be waving to the occupants in the Vice President's car (since the President's limo has very obviously passed by already). Just my opinion.
Hi Bill, yes you could be correct. I don’t pretend to know anything with any certainty. But I will spell out a few items that I think tend to support my imagination’s view.
The VP vehicle’s passenger compartment was slightly further east than the sniper’s window at this time. Plus the VP vehicle was way (about 57’) lower in elevation than the sniper’s window. I have done a relatively crude demonstration in my 3D computer model that confirms the angle from the two older ladies’ positions to the sniper’s window is very similar to their arm angles. It seems to me that if they were waving at the VP vehicle’s occupants that they would have had their arms at a significantly lower angle.
The older lady that is furthest left (camera view) appears to me to point (not wave) towards the sniper’s window. Perhaps more importantly, she immediately lowers her arm and turns back towards the President. It seems to me that if she was actually waving at people in the VP vehicle, she probably would have kept her attention on them for a while longer.
The older lady that is furthest right (camera view) appears to me to be waving her hankerchief frantically with her left hand while she is backing up. Then she appears to me to throw her right hand up and point towards the sniper’s window.
I cannot help but believe that they were trying to get the SS agents to look up towards the sniper’s window (because they had already seen him aiming his rifle at the President). My imagination does sometimes tend to show me things that aren’t really there. But I am having trouble getting this imagined scenario out of my head.