bmcgilvray
I would agree with you, except that the ring looks clearly to me like a ridge on the outside of the case when I enlarge and magnify the picture. Also, the ring if it were a case seperation about to happen, should be forwards toward the case mouth another 3/32" to 1/8", right where the case swells out at the start of the bulge.
The line that is there is just about exactly at the bottom of the primer pocket, and is still below the point on the case where the brass thins out going into the sidewall, where a seperation should occur. In hundreds of thousands of reloads, I have only had seperations either start to, or occur a few times. Each one has been farther up the sidewall a bit.
If you look at the picture closely, you can see at what appears to be about 1/8" above, or to the right of the line, the start of an actual seperation. The tiny crack is almost exactly halfway from top to bottom in the photo, next to the small light streak. Under magnification it is quite easy to see. That is also the point I was describing on my own cases that have seperated, or started to.