I'm not sure that's the best way to enter a situation if you think there may be a problem.
If you are entering a situation where you aren't sure if you are seen, doing "the wobble" is taking you away from being in control and able to stop or maneuver quickly - not what you want.
Instead, I would always be sure to have your high beam on during the day, wear a bright helmet and jacket, and slow down and come up with an "out" if the situation does develop. High beams and bright gear aren't any guarantee, but it may help in some situations. Along those line of safety, always have a good, fresh, properly inflated front tire. When you need to stop or change directions quickly, it's the single most important piece of equipment on the cycle IMO.
If there's any question (there's always a question...) I slow down, cover the front brake, and have an escape route in mind.