It's kind of tough to imagine the deer in your picture at a less harsh of an angle and then envision the point of impact... so I'm going to base my response on the exact position in your photo. At that angle, your red dot is going to hit bone and either stop the arrow completely, or send a glancing arrow back into the paunch. I would aim for the yellow dot, if I were up in a tree. If I were on the ground, I would aim about 2" lower than the yellow dot in hopes of driving one through the heart.
For me personally, although I'm confident in my equipment, I don't want to intentionally aim at a spot with strong bone behind it. On a quartering-to shot, there's two spots I would aim depending on severity of the angle... either just behind the humerus or in front of everything. If the angle will allow me to hit vitals through either one these openings, I'll take the shot. I'm definitely not scared to send one through the front of a deer. Hell, Mike Beatty shot his monster buck right down through the base of the neck as it was looking up at him, if I'm not mistaken.