That's a completely unfair thing to say. It's a meme at this point even that if you elevate your arm upwards at any angle between 90 and 180 you're automatically treated as having made a nazi salute.
What matters is the context around it, as has always been the case. And the context is not that of a nazi salute.
The people who insist on it being a nazi salute are just disingenuous people pushing an angle for their own virtue signalling. It's tiresome.
You're literally just wrong. It's not a meme "at this point". It's _always_ been a thing people recognize as a nazi salute.
Plus the context surrounding Elon is certainly not supporting your argument. Actual truth" conspiracy theory, George Soros comments, "DEI must die", transgender comments, amplification of racism and harassment.
The things you mention as context were not in fact context. None of the things you mentioned were in the speech. He was extremely happy and was in the midst of thanking the crowd, a nazi salute is a complete non sequitur in that context.
If you can't do this one simple task, then just stop defending him. If you can't do a simple wave, then what are you afraid of?