“Bus Stopping Outside A Traffic Circle”

There was a bus stopped outside of a small traffic circle facing south (towards the circle). I was travelling east-west. I slowed down through the traffic circle, and the bus honked at me as i went through. I was under the impression that because the bus was not in the traffic circle and I didn't pass the bus in either direction, it was ok.

I can't find the rules on this anywhere...does anybody know if I was right?

If it's outside the circle and as long as you don't pass the open stop sign then you are ok.