This braid looks like very difficult weaving, but it's really not so difficult. Begin with a ponytail. Divide the tail into three equal sections. For each section you will make an wavy braid by taking two tiny sections and braiding them with one large section, and then tugging gently at the edges of the large sections to make them flair out a bit.
Make three of those braids, and then braid them all together.
Add bows or bows or flowers to accessorize. (Ours are from Gimme Clips.)