Yes, the loop ends are reverse twisted...
Just did this one, SUPER rough - this is not how they look when you're doing them properly, you get lovely round reverse twists but this shows the four steps.
1. Left hand holding the starting point of the twist, right hand rolls DOWNWARDS
2. Left hand holding starting point, right hand rolls UPWARDS - first reverse twist.
3. Loop folded, right hand holds loop and left hand rolls DOWNWARDS
4. Right hand holds loop, left hand rolls UPWARDS.
One Flemish twist laid in loop.