You might want to reconsider you choice of words. An the appropriate adjective is down, not up.
Hi, Nothing to say here, just wanting to know what you mean.
I've used the expression but only now bothered to look it up online. "The jig is up" means, I think, the "dance" is over, or that the deception had ended.
There are other definitions for "jig:" fishing and machining to name two. It's an interesting word, jig.
Are you referring to these contexts? Or am I completely missing your point?