"Rise and fall" or "ups and downs" are both common phrases that could be used to describe something that goes up and then down. For example, you could say:

"The stock market has had its fair share of rise and fall over the past year."
"Life is full of ups and downs, but we just have to keep moving forward."

You could also use the verbs "rise" and "fall" to describe the specific action of going up and then down. For example:

"The temperature rose slowly in the morning, but by afternoon it had started to fall."
"The company's profits rose steadily for several years, but then fell sharply due to unexpected market conditions."