In the provided image, data below the baseline represents blood flow moving away from the transducer, which can indicate retrograde flow. When using spectral Doppler, the baseline separates flows towards and away from the transducer. Aliasing occurs when the velocity of blood flow exceeds the Nyquist limit, causing the display to wrap around and appear on the opposite side of the baseline. This phenomenon is common in high-velocity flow situations and results in part of the flow being displayed below the baseline. Retrograde flow further supports this, as it shows blood moving in the opposite direction to the expected flow.
Reference:
ARDMS Sonography Principles & Instrumentation Guidelines
Kremkau FW. Sonography Principles and Instruments. 9th ed. Philadelphia, PA: Elsevier; 2016.