Studiobaum,
You can try the following:
1) Create two circles touching each other with coinciding side Anchor Points, abutted horizontally;
2) Delete the upper left quarter of the rightmost circle (1 segment deleted), and delete all but the upper right segment of the leftmost circle (3 segments deleted);
This will give much of the shape;
3) Join the two circle parts, at the coinciding side Anchor Point and between the top Anchor Points;
Now you have a straight version of the basic shape:
4) Move 7 copies horizontally by the (original) diameter so you have 8 abutted shapes in total, then change the colours as desired, starting and ending with the topmost one in your image;
5) Cut the two outermost shapes at the top and bottom Anchor Points and delete the outlying parts so you have two partial shapes at the ends;
6) Turn this set of shapes into an Art Brush, remember to tick Proportional;
7) Create a circle corresponding to the centres of the original circles, remember to cut it at the topmost Anchor Point; 8) Apply the Art Brush to the circle from 6).
There is an inherent distortion, but that is inevitable to get things to fit, so this may by the least worst.
Edit: Sorry, I was in too much of a hurry because of other things.
I just found the time to try it out, and it fails to work properly. It has to be done with careful construction.
This goes to prove the old saying: play it before you say it; or just remember what you actually know.
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