All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
Imaam Muslim reported from Ibn 'Umar that when the Prophet would start his prayer he used to raise his hands until they reached the level of his shoulders, then said "Allaahu Akbar", and when he intended to bow down (to make Rukoo', he used to do the same and when he stood up from bowing he used to do the same, but he did not do the same (raise his hands) when he got up from the prostration".
So, what appears from this Hadeeth is that the raising of the hands is directly from the chest without letting the hands go down first, as letting the hands go down before raising then up to the shoulders is an additional act that is not mentioned in the Hadeeth.
Allaah Knows best.