it should be pointing between the lugs on the indicator switch, normally 3 oclock (I have swapped mine to match moderns so 9 on mine). I suspect a new rack has been put on and not centralised. You need to count the number of turns lock to lock, then turn back half of this number, this is the central position then put the column on so that the cancel lug is in the right place and d then put the wheel on straight, then set the tracking to match