Mount a TMC 8089 in size 6, wax the thread and start it a little behind the eye, running back to about the hook point and forward a touch.
Butt one: tie in the red floss and wrap a butt about a quarter inch long, then wrap back over it to the rear and forward again to build it solid. Bring the thread back up tight against the red.
Butt two: lay the cornflour blue floss in right up against the red, wrap forward about the same quarter inch, back over it and forward again, then tie off and nip.
Tie the medium silver wire in on the near side and bind it back to the blue, then tie the black holo tinsel in and take it back to the same point.
Body: one complete wrap of tinsel at the very back, then slightly overlapping wraps forward, stopping with a good amount of space at the front for the two collars. Tie off.
Rib forward with about five open turns of the silver wire and helicopter the tag off.
Give the body a thin coat of UV resin, spread it with a bodkin so it doesn't blob, then cure it with the light for about ten seconds.
Make a short dubbing loop right where the body stopped, wax it, load it with dyed black fox tail, spread the fibers apart along the loop and spin it up. Brush it out with the hard side of a toothbrush.
Wrap the fox loop forward into a ball, stroking the fibers back on every turn. That ball sits behind the collars and holds them flared out, which is what makes the fly pulsate.
Strip the underfluff from a large silver doctor blue Guinea fowl feather, expose the tip and tie it in by the tip with the shiny side facing out, folding it back and binding over. Tear the leading edge off one side to keep it sparse, then wrap it toward you, tie off, and stroke everything back.
Do the same with the large teal flank: strip the underfluff, tie in by the exposed tip, fold the tip back and nip it out, tear the leading edge off, then wrap each turn in front of the last, tie off with three or four good turns and cut the stem out. Brush the fibers apart.
Whip finish, change to black thread, build a modest head wrapping back over the fiber butts to force them back, then take a four or five turn whip finish and hit it with head cement.