Shunt on craftsman welder

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Please excuse the numb question but I lost the pictures I took of the welder when I disassembled the shunt.If I am looking at this exploded view correctly, the shunt slides in OPPOSITE the switch and cord.  I am thinking that it needs to move in and out of the transformer unobstructed, as it would hang up on the wiring if it went in on the switch side.  Also, do I understand it correctly that the further into the core the shunt slides the lower the amperage that's put out?Thanks for your help.
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