I believe this is also called the wave sheaf offering. The wave sheaf offering in the old testament corresponds to Jesus's rising to the father on the day following his resurrection just before the sabbath ended.
Here's the scripture from the OT:
Lev 23:10 Speak unto the children of Israel, and say unto them, When ye be come into the land which I give unto you, and shall reap the harvest thereof, then ye shall bring a sheaf of the firstfruits of your harvest unto the priest:
Lev 23:11 And he shall wave the sheaf before the LORD, to be accepted for you: on the morrow after the sabbath the priest shall wave it.
Lev 23:12 And ye shall offer that day when ye wave the sheaf an he lamb without blemish of the first year for a burnt offering unto the LORD.
Lev 23:13 And the meat offering thereof [shall be] two tenth deals of fine flour mingled with oil, an offering made by fire unto the LORD [for] a sweet savour: and the drink offering thereof [shall be] of wine, the fourth [part] of an hin.
Lev 23:14 And ye shall eat neither bread, nor parched corn, nor green ears, until the selfsame day that ye have brought an offering unto your God: [it shall be] a statute for ever throughout your generations in all your dwellings.
Here's a good article from The Good News magazine that goes into detail about the wave sheaf.
Yes. There is a wave offering on the feast of firstfruits, I should have mentioned that.