Where should I measure my waist to properly assess my weight loss goals?

I know I'm overweight (actually right at the lowest figure for obesity on the BMI scale), and want to keep track of the important physical factors as I lose. I'm very high waisted, and the area around my belly button is quite a bit bigger around than the concave part of my trunk. Should I go with the smallest place, or somewhere between there and my belly button?
 
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