When a seismic common midpoint (CMP) stack or zero-offset (ZO) section is depth or time migrated with different (constant) migration velocities, different reflector images of the subsurface are obtained. If the migration velocity is changed continuously, the (kinematically) migrated image of a single point on the reflector, constructed for one particular seismic ZO reflection signal, moves along a circle at depth, which we call the Thales circle. It degenerates to a vertical line for a nondipping event. For all other dips, the dislocation as a function of migration velocity depends on the reflector dip. In particular for reflectors with dips larger than 45°, the reflection point moves upward for increasing velocity. The corresponding curves in a time-migrated section are