Are my implants dropping too low below incision? 7 months post. Should I wait to see how things go at the 1 year mark? (Photo)

I am sorry to hear about your concerns after breast augmentation surgery. Sometimes, whether or not breast implants are in appropriate position can be a matter of opinion or preference. Having said that,  your concerns are understandable; the distance from your areolar to inframammary fold area seems too long especially with your arms elevated.  Generally, signs of breast implant bottoming out include: 
1. Breast implant "sits" too low on the chest wall.
2.  Excessive palpability or visibility of the breast implant along the lower breast pole.
3.  Nipple/areola complex seems to be sitting relatively high, because the breast implants have settled too low. 
4. Discomfort along the lower breast pole (secondary to pressure from the underlying implant).
5. Relative paucity of upper pole breast implant volume compared to lower pole volume.
6. Increased visibility of a infra mammary fold scar (higher on the breast mound). Given your concerns, revisionary breast surgery will likely be helpful.  This operation involves capsulorraphy (adjustment of the breast implant capsules in the inframammary fold area) techniques.  timing of surgery is individualized; you could undergo revisionary breast surgery now or wait intil the one year post follow-up visit to evaluate.  Best wishes.

From the standing views, your implants look like they are in the correct position. Best of luck with your results.

Congratulations on your breast augmentation.  I do see your concerned that the implants are lower and in the side view the majority of the implant volume is below the nipple.  Another sign is that the scars are elevated off the chest wall.
However your frontal view looks very good.  I suspect that for you to achieve the appearance that you desire you will need a revision to close the inferior pocket which will lift the implants upward.