I have not ever given any consideration to what is "correct". One thing that really, really gets under my skin is when the break levers are so high up that the tips of the levers are almost pointing forward. I cringe every time I see it.
I either position the top of the bars and the body of the break so that they are level with the ground. On some bikes I have had the bars slope down and forward so the bottom of the drops are level with the ground and the breaks are level at the leading edge of bend. My two favorites are below.
I experimented a bit with each and went with felt better with that particular bike.