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He means both. It'll cross (upwards) at 40 and the again (downwards) at 180, with a rapid fall after that.
Which is precisely why I recommend that +2.5" at 100 sight-in. The bullet will never be farther than 4" from your crosshairs from the muzzle to about 325 yards, give or take a few at that far end.
Unless you're shooting at really tiny targets (like mice maybe) it isn't critical just exactly where you're "dead on". As long as the bullet is within a few inches of the crosshairs -up or down- you simply aim at hair. If the deer is so far away that you have to aim at air, I personally wouldn't shoot.
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