Start with 4 low ponies. Make 2 twist braids in each one. (Take 2 strands, twist them in the same direction, then twist them together in the opposite direction.) Add elastics to the ends, leaving 1-2 inches at the bottom for spiking later.
Bring the braids up and tuck the ends into the elastics at the tops of the braids. Starting on the left, I pulled both braids in section 1 over to section 2. One braid from section 2 went to section 1. The other braid in section 2 went to section 3. One braid in section 3 went to section 2. The other went to section 4. Both braids in section 4 went to section 3. (It's really not so complicated, I'm just a bad explainer.)
Now you can add some bows/flowers/ribbons and fix the ends with a curling/flattening iron.
If you end up trying this one, I have another style that goes with it (this is a 2 for 1!) I've got a busy weekend ahead of me, so I'll probably be posting it Monday.