Ouch!! I can see the problem and why it happened, because the same thing happened to me on my first bow, but mine didn't run off the side like yours. You should probably start a new one?
You didn't swing out far enough to capture the grain as it turned and the red arrow inside the circle points to about the area where the grain was violated. I know it's tough to see, I can completely understand it. Sometimes I have to use a flashlight and shine the beam at an angle to my ring in order to see where the grain turns.
One of the experienced guys on here once told me
"You have to follow the grain every direction it flows, just like water flows around the rocks in a stream"[/i]
How true that statement is.
Sorry for your loss man, but you got more wood so just learn from this one and get right on the next one and don't dwell on it any longer than it takes to realize what went wrong. Put this one in the "Corner of Shame" for future referrence.