Correct but... the ALT' gauge is a very good indicator of whats going on throughout the system ( better than a volts gauge in this respect ). If it will twitch with turn signals it will twitch with inst' voltage regulator too. This condition has been seen and reported in other threads here. One very recently. What the fuel, temp, and oil where applicable, gauges are doing might be a clue also but recognizing a clue there isn't easy. Thermal gauges respond to voltage changes far too slow. Their being simple range indicators makes it difficult to tell they are reading consistently high or low.