I've been having a lot of fun dressing up regular ponytails lately and here's another example. We call it The Stegosaurus because it looks like the plates on it's back.
I'll start with the video because it will give you the general idea on how to make the rings:
Remember that it is key to do this on wet hair so that the style will hold throughout the entire day.
Here is a view of the finished ponytail from the back.
You should be able to make it all the way down the ponytail as long as you segregate the strands of hair that you are creating your rings with.
Clear elastics seem to work the best because they don't stand out as much but you can use any type that you have.
Once you are done, you can go back and spread out your rings a bit to make them wider. (This is totally optional.)