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The timing gradation marks are on the pulley. You line them up with a large pointer on the timing gear cover. I had a 122 with an aftermarket AC in it that did not have a standard Volvo pulley. It had a cast iron one that only had a couple of punch marks for timing. But usually the gradation is quite clear if you take the time to clean off the crank pulley throroughly. As I recall I pointed the timing light through the gap between the head and the AC compressor.
Good Luck!
Ron Tewksbury
1968 122s ?66K miles
1897 245dl 134K miles
1989 745gl 173K miles
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