This is a mid air collision between two drops of water. The two drops of water come from the same source and are timed very precisely to follow one another at a certain interval. The first drop impacts, forms a crown, pushes down under the surface and then rebounds up.
The second drop is released and impacts the first drop as it is rebounding up. The second drop hits the top of the column and the collision flattens the second drop, or causes it to cascade over the column, depending on a number of factors.
And if you add something to the water that is falling, something which changes the viscosity and surface tension of that drop, the collisions can take on an other worldly shape and feel.