Definitely down for me. But it's usually up. it just...blows everywhere.
I do love it though when I've bothered to straighten it and it's in a pony....it swishes. I have swishy hair. When it's down its swishy and bouncy.
I usually only wear it down in summer, how odd I've just realised that, so then my hair is swishy and bouncy and you can tell my mood by how bouncy it is