Just something to be on the lookout for.... About a year ago I got a spot identical to that on my arm. I assumed it was ringworm and showed it to the pharmacist who agreed and suggested I apply Lotrimin (sp?) to it. I did that, but a little over a week later the ring had not cleared up and I broke out with small little rings all over my torso. It was worse than chicken pox.
Turns out I had a virus called Pityriasis Rosea. There was no treatment for it, and it took a few weeks to clear up. I just wanted to mention it just in case. The initial ring looks just like yours and then it takes approx. 10 days for the rash to appear.