The circular shape could be a record. That squiggle could be the way light reflects off the grooves of a record, and that blankness is a silhouette of Elvis' head profile (see the pompadour) and a microphone he is singing into.

I am not sure if this interpretation has been made by someone else previously, but if so, I apologize for duplicating that.

Your image is included here to see what I am describing. Jim