Is this the waterfall deformity? 2 weeks and 3 days post op. How can this be fixed? What are the options? (photos)

Your implants are placed too high.  This is fairly common when done through the axillary approach.  You also may try putting your hands on your hips and push down firmly to flex your pectoral muscles.  If the implants lift then the lower portion of the pectoral muscle have not been released.  In that case the implants will never ever fall.  So if the implants rise with pectoralis muscle flexion you will for sure need a revision.  Again this is very common with tranaxillary approaches simply because it is difficult to precisely release the pectoralis muscle from that distance.  Best see a qualified board certified Plastic Surgeon for a second opinion. 

Based on the limited information, I would wait 3 months to see if they settle. If not, then I would do a correction to lower the implant through an incision from below. See link below for examples.