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Yes, negative battery lead connection point.
Supposed to point upward Ted and the cable should be straight not all curled up like that. I'm currently making some new ones for my bikes, red for the positive lead to the starter solenoid and black for the earth lead and the starter motor cable. You can always trap the earth point between the engine bracket and the engine, so behind the bracket not in front, that way it makes a really good contact with the engine casing.