It's the little hole. You should be able to back your bolt out 10 turns without any problems, other wise nobody could lower the weight downIs it the big hole or the little hole that I should see thread in and not go past? I have backed it out 8 turns and can still see thread in the little hole.
The manual is pointing at the bigger hole. I can only make about 5 turns before it is out of the big hole. That can't be right to get it down to 60#