Firing order question - 340. Need help!!

So, I pulled the valve cover and checked the intake and exhaust valves to see if they were both closed at TDC because that should tell me if I'm on the compression stroke?? Well, exhaust was closed, intake was open. Turned the motor until #1 was at TDC again and both valves closed, and rotor was 180 degrees out.

Am I correct in my understanding that both valves should be closed at TDC on compression stroke?