Make sure when you are using your draw knife to chase a ring that the proper side is being used. It should be used upside down. I know it looks backwards but it's not. Here's a copy of your picture with part of it erased showing the ring you should chase. Later you may want to go one ring deeper because the top center of the ring looks like it's already been drawn too deep. Don't remove any more from the belly until you're sure how that ring looks on top.