"Over the next minute or so, the captain adjusted the map scale on the ND in order to view the TCAS target 5 and occasionally looked out the forward windscreen to acquire the aircraft visually. The FO initially mistook the planet Venus for an aircraft but the captain advised again that the target was at the 12 o'clock position and 1000 feet below. The captain of ACA878 and the oncoming aircraft crew flashed their landing lights. The FO continued to scan visually for the aircraft. When the FO saw the oncoming aircraft, the FO interpreted its position as being above and descending towards them. The FO reacted to the perceived imminent collision by pushing forward on the control column. The captain, who was monitoring TCAS target on the ND, observed the control column moving forward and the altimeter beginning to show a decrease in altitude. The captain immediately disconnected the autopilot and pulled back on the control column to regain altitude. It was at this time the oncoming aircraft passed beneath ACA878. The TCAS did not produce a traffic or resolution advisory. "