Wow.. please explain this?

They're called wires.

If you look closely you may notice the rings never actually go over the top of his body

This.

what about walking upside down in the box?

The top of the box allows a tiny gap down each side for the wires. Hence why they carefully slide it on and off held vertically right to left between the wires rather than just picking it up and dropping it over the side. It's why he's limited to rotating on just the one axis while in the box.
 
I admit, it's very well concealed. Great show, very entertaining.

BUT!!! We're all rational human beings, think about it for a whole second. He's clearly on wires!!! Unless of course, he really is magic ;)
 
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