Ford F150 - column shifter indicator

I have a 1997 Ford F-150 Lariat 4.6L WITH 62,000 miles. During my last stop at a gas station I noticed that my shift indicator did not line up with the appropriate drive designation.The red indicator seems to be off by one position to the right ie,
when in park the shift indicator points to "R"(reverse), when in reverse the indicator points to "N"(neutral), when in neutral the indicator points to "D"(drive), when in drive the indicator points to "2"(second gear), when in secound gear the indicator points to "1"(first gear) and in first gear the shift indicator points to an area below "1"(first gear).
What could cause this condition?

TIA,
Mike from Maryland

you can adjust it, there is a little white wheel under the dash that adjusts the indicator, not sure excatly where it is, but its up under there around the steering column

Here is a thread that will tell you how to adjust the needle:

http://www.fordf150.net/forums/viewtopic.php?t=25161

Thanks for the information rebelFORD245 and RkyMtnHi.

I found the adjustment mechanism and guess what, the plastic retainer for the adjusting wheel is broken, So I used some duct tape to effect a repair for now.
I'm thinking of replacing the broken part which requires the removal of the plastic cover around the steering shifter/column to gain access to the shift indicator cable. I've removed the retaining screws for the plastic cover but the shroud for the key needs to be removed to accomplish the task. Question: How does the key cover come off to remove this plastic shroud?

From Haynes manual: Disconnect neg. cable then pos. cable. Wait 2 min.

Turn ign. cylinder to the run position.

Insert 1/8 inch punch in the hole at the bottom of the steering column cover surrounding the lock cylinder. Depress the punch while pulling out on the lock cylinder. Remove the shroud.

Install by pressing the retaining pin on the side of the lock cylinder and rotate to the Run position. Install the lock cylinder, making sure it is fully seated and aligned in the interlocking washer.

Rotate the key back to the off position. Test each position.

You don't actually need to disconnect the battery, or wait any time. That's just how they begin EVERY procedure.

For more info, look thru these pics & diagrams & their captions.

Thanks allot to all of you. The information I've received has been superfluous and very much appreciated. I don't know when I'll have time to get into it that deep but I can say with certainty that the information supplied will get the job done in good order. Its been my pleasure and given another opportunity to seek out a great source of information on my ford you guys will be at the top of my list.

Know a good place to acquire the part?

HAVE a MERRY CHRISTMAS and HAPPY NEW YEAR!!!!
Mike

I just replaced the plastic retaining clip and adjuster wheel on my 98 and i did not have to remove any thing i just moved my seat all the way back slid in there its a little tight but i had it switched in about 15 minutes and adjusted it was fairly easy just need an 8mm socket and some extensions and needle nose pliers and apply your ebrake and put the shifter into 1st and its real easy.