.................................. At about 5000 RPM's the battery voltage measure on my volt meter at 17.25 .
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I am thinking that is very high . . . . .
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Yes. You think correctly.
Good that you have a voltmeter, and are able to use it.
Before condemn the R/R check the r/r negitive lead is well grounded.
Check to see is about zero point zero volts (not the extra 3 volts) between r/r negitive and battery negitive.
Check to see is about zero point zero volts (not the extra 3 volts) between battery negitive and frame ground.
Oh wait, You did say r/r negitive was connected directly to battery negitive.... hum..... okay, yah, seems like the r/r is the main suspect here.
Still need to be concerened about running the bike with that high of voltage, concnerened about burning out other things like the ignitor (expensive). CAn run bike with R/R completly disconnected if want... just will not be charging battery.