Yes. You've definitely created the roundabout properly. There wouldn't be enough distance between the road segments. If you haven't looked at it already you can get a good sense for things in the best practices guidelines ( http://www.waze.com/wiki/index.php/Best_map_editing_practice ).
In looking at the nearby road segments though there's still a bit more that needs to be done ( https://www.waze.com/editor/#?%23%3F=&zoom=7&lat=40.84352&lon=-96.72063&layers=BFTFFTTTTTTTTTTTTTTTTFT&segments=69589268 ). Laramie St, and 1st St (in two locations) could be simplified down into one segment. There's map editor shortcuts ( http://www.waze.com/wiki/index.php/Keyboard_shortcuts ) you can use to join up to similar highlighted road segments. You can also use delete extra nodes to simplify the road segments. There's a lot of node points that connect into that roundabout that could be removed as there's limits to how much detail the Waze client shows.
If you have any questions feel free to reply of PM me. I'm a regional editor for Nebraska and Iowa.