Which ever is the problem, first thing is to find TDC then you can go from there.
I just changed my balancer. I found TDC (both valves closed, piston at top) then got the correct balancer for the timing tab.
Sometimes balancers can have the outer ring slip, the timing cover could have been changed, or they could have the wrong balancer for the year. Some were set up for the TDC mark at 12:00 some at 2:00, (there may be more, this is what I found when I ordered mine.)
If the ring has slipped, I'd replace it. (My balancer was 60.00 at NAPA). If it is the wrong one (timing cover or balancer) and it's still good you can re-mark it. file, hacksaw blade, paint stick, whatever.
This is on the assumption it's a 305 or 350. (like 78 Chevyrado mentioned)