1. Begin with a new file, with black as your background color, then create a new layer in the layers palette.

2. Now take the Elliptical Marquee Tool and draw out a oval, then right click inside the oval and fill it with white.

3. Go to Select>Modify>Contract and Contract By 3 pixels, then press delete.

4. Now go the layers palette and right click on layer1 and choose Blending Options and apply this settings.

Now should it look something like this.

5. Now it´s time to duplicate this layer a few times, I chose to duplicate the layer 3 times, to duplicate the layer just right click on layer1 and choose Duplicate Layer. Then use the Move Tool to move them in position.

6. Now take the Zoom Tool and Zoom in ( 400 % ), then take Polygonal Lasso Tool and do as the image below shows, then press delete ( make sure you are on layer1 copy when pressing delete ).

Then repeat step 6 on the rest of the rings and you are done!

This is what I came up with.