y block timing help

I just took my 292 apart and notice upper and lower timing chain sprocket dot pointing at the 3 clock position 12 links in between with number one piston TDC I think thats right but the distributor was pointing at the 5 clock position not at the number one wire that I think it's at the 11 clock position Am I right or wrong

 

.My manual says top TDC at the end of the compression stroke does that mean after the intake valve opens and closes or right befor the itake valve opens after exhaust closes

 

After the intake opens then closes. Both the intake and exhaust valve will be closed at #1 cylinder TDC when its on the compression stroke.

 

Right before the exhaust opens ??

 

CompCams has is spelled out quite nicely.

http://www.cpgnation.com/forum/comp-cams-how-valve-lash-adjustment-2076.html

 

Thanks! tons.. I thought I had it ,and now you comfirmed it ..I appreciated all your help...