exhaust valve closing too soon or not opening enough?
What do you think?

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  Do you have any running captures?  Cam crank sensor captures?  Codes, fuel trims, any other info.  Off hand and at first glance it kinda looks like the exhaust cam is opening and closing early, but it's hard to tell during the cranking capture.   Compression seems to be lower than I would have thought, so that would make sense.  What are the vehicle specifics, engine size, mileage, customer complaint, blah blah blah.  Also, you may want to actually start a thread in the general technical discussion, as the items posted here on the test board get wiped off into oblivion every once in a while.

  Here's is an extremely zoomed in picture of the bottom of the waveform focusing on the valve events.  The flags are general rule of thumb standard locations for the valves to open and close, and the vertical red cursors that are labeled, are placed 25* before were the general exhaust valve events typically occur.  I only used the number 25 because it's a sort of whole number and I have OCD at times  ;), but it gets you close.  Depending on how many teeth are on the cam and crank gears, you could narrow it down further.

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just testing how to upload, but since u asked.

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oh, by the way it's a p0303 but #2 looks very similar.  01 volvo 2.4l non turbo.