This is TDC right here. Just as it is slightly to the left of that same spot on the diesel flywheel.
My first post on here... I installed a 1.6 into a 59 Jeep and marked the flywheel (Jeep flywheel) when I had it apart. Once I put it all together I checked it by taking a hose that fit snug into the injector whole and ran that to a small hose into a glass of water. While going forward with the engine you will see air bubbles, as soon as it crosses TDC it will immediately start to pull the water up the tube (use a clear tube). This confirmed my dial indicator measurements were spot on. I'd feel confident doing this on any engine now, just don't suck water into your engine. I was amazed at how exact (little movement) could push air, or suck water.
...BTW your Bieber avatar is awesome.-Malone
Nifty idea... can it resolve to one degree of crank rotation?