Start with a Basswood hen or goose egg, sand with fine sandpaper to obtain a smooth finish.
(You may wish to seal the wood before carving. It will control the grain raising when you apply the paint, but it isn't required.)
Carve using a V-tool (painting will take longer than the carving)
I used a 1/4" 60deg. V-tool.
Look at this and the finished ornament to understand how to carve the egg.
Caution:
Be careful where the grain changes direction.
(at the largest diameter of the egg)
Wear your carving glove!
Paint the entire carving black; once that has dried well, use the side of a 3/8 or 1/2 in. wide flat brush to apply two or more coats of orange or red-orange.
The technique is similar to dry-brushing, but with a little more paint in the brush. Not too much or the orange will run into the V cuts.
Once dry, touch up any black as required and spray with Krylon clear acrylic spray.