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That's a total "nestbox defense" pose a la cockatiel. When I go into the bird room early in the a.m. to close the gcc cage doors, anybirdy in a nestbox does that. It's a hang upside down and make myself look BIG and SCARY and IMPOSING. I'll try to take a photo tomorrow.
It does look cute though! My Tiel was a male and when I would very softly blow near his wings he would do that, he loved that and would be singing afterwards!