\begin{tikzpicture}
\node [anchor=west] (note) at (-1,3) {Curvature Note};
\node [anchor=west] (water) at (-1,1) {First Bump};
\begin{scope}[xshift=1.5cm]
\node[anchor=south west,inner sep=0] (image) at (0,0) {\includegraphics[width=0.7\textwidth]{../tikz/complex_integration_2.png}};
\begin{scope}[x={(image.south east)},y={(image.north west)}]
\draw[red,ultra thick,rounded corners] (0.48,0.80) rectangle (0.55,0.95);
\draw [-latex, thick, red] (note) to[out=0, in=-120] (0.48,0.80);
\draw [-stealth, line width=1pt, cyan] (water) -- ++(0.37,0.0);
\end{scope}
\end{scope}
\end{tikzpicture}%