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When you perform the quick test I mentioned, use an incandescent test light connected between B+ and the regulator #2 terminal with the regulator connector unplugged. (The #2 terminal is the terminal that normally connects with the red wire). In other words, I want you to connect the test light in series between battery positive and the regulator terminal. Do not use a voltmeter. In this case we are not interested in voltage, we are interested in current flow through the regulator sensing circuit. The brightness of the test light will be an indicator of that current flow.
Connect the red regulator wire directly to the output post of the alternator.Connect the 12-ga red wire from the bulkhead connector to the alternator output post through a 16-ga fusible link.
Why won't a multimeter work though?
... The red wire from the regulator connector has to be powered for the alternator to charge at the correct voltage.Connect the red regulator wire directly to the output post of the alternator.Connect the 12-ga red wire from the bulkhead connector to the alternator output post through a 16-ga fusible link.