Then, take the piece being pointed at above, and place it on top of that piece of the "U" shape. You're not really shifting anything else besides that little piece in this step.
This is where I show off my noob blogging skills. I think I was so excited that I was actually getting it (!) that I didn't take a picture of this step, so I'm using the pinned picture. Take the left side of your "U" and place it behind the circular part. Your pieces will look sort of like an ampersand. (&) Sort of.
Now, carefully grab all four of the loops. You'll obviously use two hands (place your other hand where those arrows are), I had to use one hand for the camera and using your index and your thumb, pull the pieces away from each other. Your giant knot will tighten up and you'll be left with this!
Thanks for following along!