I don't know if this belongs in Fractal Art. It is heavily mathematical, but not fractalian in nature; it has techniques that are vector-based but Vector Art appears to be for hand-drawn images.
For the past week, I've been writing the software that generates these graphics. The brief explanation is that this program visualizes a function which takes an (X,Y) coordinate and a couple constants, and generates a color in HSV or RGB color space. The functions are continuous and deterministic, and as such an image of any resolution and color depth is very easy to render, and decently fast at 10000 - 25000 pixels per second.
You've all seen Moire patterns at one time or another - metal screens overlapping, grids, fences, concentric circles. This image is just more Moire patterns, but at a different level; decompose the image into HSV and you'll see it.
I made a major mistake in one formula and that caused it to create about 2 full rainbows instead of a gentle transition from blue to violet. Someone described it as "mushrooms on acid" . . . but I remapped the colors and it looked marvelous in comparison. It's still a little psychedelic and crazy, like something from the disco era, but much more gentle.