Well, it depends. In my region if you do that gesture horizontally, and shake the hand like a horned wild animal that is charging to attack a potential enemy… yes that’s exactly to fend off the evil eye!
Add “Sciò sciò ciucciuè” (go away you ominous owl!) for a better result.
But if you show your hand vertically with the fingers up with the palm turned to your collocutor, it means “you’ve been (sexually) cheated” (literally “you have horns”).