Renowned jazz bassist John Goldsby demonstrates a walking bass sample based upon arpeggios in the following article. He stresses the multi-directional aspect of arpeggios and of walking bass lines. His example is a blues song in the key of F, and for every note Mr. Goldsby has a theoretical explanation for the choice. He stresses that downward motion is an important direction for a walking bass.
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John Goldsby’s Jazz Concepts – What Goes Down, Must Come Up.