OK, You can point that in any direction that does not hit the flywheel, so down or to the center are other options... Have you confirmed 2 things?
1) is the condenser good?
2) have you made sure the points are absolutely, positively, without a doubt clean?
I also see another possible issue, is that coil wired properly? It is hard to tell as mine have a green wire and a black wire.... My gfreen wire goes to the points...