Make 4 ponies on the corners of her head, and a low pony in the middle.
Do a chain with 3 links, going over to the elastic on the other side, adding the ends to the elastic.
Now, do a chain with 2 links, going through the 3 and over to the other lower elastic. (You could probably do a better job at tying these in with the first 3. This was my first attempt and I didn't want to go back and re-do. Just learn from my mistakes! LOL) Tie both ends in with the pony.
Ta-da! Olympic rings.
This actually turned out a little better in person, the lighting in this picture is weird and doesn't show all 5 rings very well. Whatever!
(If you need instructions for the chains, visit "chains" in my labels.)