Looks to me like the reel might be assembled incorrectly. You might try reassembling so the pointy end of the silver part is pointed towards the center. At its limit of travel the pointy end would point to one of the black posts that secure the springs though it may still be possible to force it to the current position ( which looks incorrect to me). I don't think it should point toward the outside of the reel like shown in the image. Then the adjustment may work better.