You turn the bolt counter clockwise to loosen it, when facing the bolt head. So if you are positioned facing the bottom of the bolt (it is pointed towards you) you turn it clockwise. Up or down depends on where your socket handle is.

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue