From my experience with my green cheek, Henry, that is simply body language for "I want to go in that direction". It may seem like it's over-simplifying it, but that's what I interpret it as. For example, when I take my GCC out of his cage, he'll do this motion and sound towards his favorite spot on his stand and when he reaches it he'll stop and do his own happy gremlin things
I assume it's a pretty universal sign, especially for green cheeks.
I'm not trying to assume anything, but have you taken him out of his cage? From what it seems he wants somewhere out...
On a side note, I would recommend a different cage... Circular cages in general are really small, and in my honest opinion that's not a big enough cage to fit all the perches and toys for such an intelligent species.
I wish you luck with learning about your new buddy!