No. It's below. The bottom clip of the AL80 stage is actually above the bottom clip of the EAN50 bottle (AL40) on the hip D-ring but since the EAN50 bottle was clipped on first, the AL80 stage actually supports the EAN50 bottle (with helium in the AL80 stage, both bottles ride really nice). The clip order/configuration that I use makes the "bottle juggling" really easy.
I'll try and post some pics later. I'm off to Bali in less than two days so give me some time. In the mean time, I've attached a crap photo of me diving a "T1 with a stage" config and unfortunately it doesn't show the clip placements but you can see how the AL80 stage is supporting the EAN50 bottle.
Exactly what I was trying to explain also. The 02 bottle on the leash is then clipped off at the bottom of the d-ring, below everything else. Then when you switch stage and 02 bottle, the stage ends up on the leash behind and the 02 bottle is now where the stage is in the photo. Thanks for the photo Vie.