I managed to figure it out in the end, so if anyone is looking for the answer:
//Firefox
$('#elem').bind('DOMMouseScroll', function(e){
if(e.originalEvent.detail > 0) {
//scroll down
console.log('Down');
}else {
//scroll up
console.log('Up');
}
//prevent page fom scrolling
return false;
});
//IE, Opera, Safari
$('#elem').bind('mousewheel', function(e){
if(e.originalEvent.wheelDelta < 0) {
//scroll down
console.log('Down');
}else {
//scroll up
console.log('Up');
}
//prevent page fom scrolling
return false;
});