Simple, it uses a single ring and 3 slider contact positions to provide the pulses. As it rotates the slider touches first the one set of segments, then the other, to the common solid section, to give the direction and clock ( or quadrature position) pulses. As it runs out of track the sliders swap on the common segment. Look at half the ring and you get 12 positions available, thus the 24 pulses per rotation, or look at there being 8 positions per third of a turn of the wiper.