To get a decent AM modulation waveform set up the rig for TX into a dummy load with an inline wattmeter. The watt meter does not need to be a peak reading type. Set up for AM transmit on the band of intrest.Set the METER ATX menu item to ALC. Enter the hidden menu, (A,B,C held in + power on). While transmitting in AM adjust menu item 60 (AM Carrier Level) for no or a minimum reading on ALC meter. This will allow for positive modulation. Experiment a little bit, My rig out of the box was set at 142. This allowed NO positive modulation. My new setting is 113 which gives a nice waveform and minimizes carrier shift. The ALC cicuitry is a little frequency sensitive so you may need to do this every time you change bands. Of course document the original value plus your new setting. After returning to regular TX mode you may notice that the ALC level has increased somewhat but you still get a nice waveform on the scope.