Hmmm looks spot on to me, if your spark lever is in the full retard position. Do you have any backlash in the distributor drive setup? Meaning, can you twist the rotor back and forth and if so, how much? With all backlash removed in the clockwise position, the rotor should point to the contact just as shown in your picture. If you can twist it clockwise past the position shown in your picture, the timing will be too retarded.
That is dead on perfect.
While you are at it, you should check the space between each post to the end of the rotor. Should be about .025. Every time you change a rotor or dist cap the gap will change. You will either file the post or bend the tab, depending.