The Lost Arrow is a detached rock peak on the cliffs below Yosemite Point, just to the right (east) of the Upper Yosemite Falls. It got its name from an old Indian legend about a hunter who lost his arrow. You can see its best from the valley floor when the late afternoon light clearly distinguishes it from the rock face. The Yosemite Falls trail can be used to get to Yosemite Point from where you might get a view of the tip of the arrow.
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