Up, as I recall. But there's a flat on my bike's brazed-on RD tab. Fiddle with it and see where it feels it should go. And yes - that's a titanium model. The Bullseye pulleys came with a bunch of washers to fit them on where there was a wider pulley up top. They were the rage back then, but they didn't do anything spectacular - aside from change the sound the RD made as the chain rolled through it. They will last a long time They are aluminum.