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No, I there is no adjustment to tighten.
I had problems with mine going down too in my 98. Wasn't from bumps though, the bass from the stereo did it and so did heavy acceleration (767 rwhp)
I was the only driver so I put a dab of glue in the ball. It works, but you can never adjust mirror again.
You couldn't try and remove the ball part and bend the prongs out some, without breaking them? I had mine out the other day with a connector problem and just glanced at that part.