617.912 Timing Question

[savagetom]

I've got a new 1984 300D Euro version. Adjusted the valves the other day for the first time. When I finished I lined up the cam TDC mark on the bearing support with the notch in the cam shaft. When I checked the chain stretch this is what I saw.

It looks to me like the cam must be off a tooth. I'm assuming the little triangle shape piece is the timing pointer. Is this correct?

Is it possible for the balancer to have rotated out of position? It doesn't look like from the diagrams in the manual.

I know the car has had some head work in the past by the first owner. I'm the third so details are sketchy. I guess it is possible that it was assembled incorrectly.

Amazingly it runs pretty well. Starts perfectly and seems to have good power although I don't have a good frame of reference here. I haven't driven other non turbo models.

I don't want to fix something that isn't broken so I thought I should check in here first.

Thoughts?