Yes, but if I keep the source resistance close to the nominal tap values (3 and 40 ohm) in my Denon AU-320 it is very flat.
Using 10 ohm source on 40 ohm tap gives an overshoot…
The bump below 100hz seems to be a measuring artifact when using the oscilloscope, not there when I use other methods
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With a Zobel I can correct the overshoot, I cannot really hear any difference…For maximum flatness and extension I need to allow a small overshoot on my Oscilloscope..
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Is this with the transformer cabled to the input of your phono stage? Where is your measurement point?
One thing to be careful of is that you use a 10x probe on the 'scope; the 1x can really load things down.