My initial impression is that your peep is to low and your anchor too high.......but why if you are hitting low would you LOWER the rest?
To start, get the arrow even with both rest mounting holes (hide the holes behind but parallel to the holes), then set your nock pt about 1/8" above square to start.
Do this and I have a feeling unless something is really screwy with your peep/anchor it will work itself out rather quickly.