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I’m sorry I’m advance for the long post.
This is a blown highlight problem and using the wrong tools to fix it. There’s nothing worse for an editor then having to deal with blown highlights because of the issue you are experiencing. A blown highlight is when bright parts of the image that are not white get exposed in the frame as white then there’s a cascading effect. basically that part of the image is not properly exposed. You actually demonstrated this when you used the burn tool because the burn tool just reduces the luma value of the pixels it will not change the color or create something that’s not there already. So burn tool on white just turns it grey and so the interior on the circles were white and the other rings were because of the cascading effect. There’s not enough stops to record all those possible values. I hope that made sense let me know if it didn’t.
Always set your exposure for the brightest area of your scene because it’s much easier to deal with clipped blacks then blown highlights.
Typically you’d be right to use non-destructive tools to correct your photos but in this case we need destructive editing because we have to create something that the camera never recorded. Dodge/burn, saturation, highlights, blacks, whites these are just going to change the nature of the information that the camera recorded.
Every pixel has a red, blue, and green value. Let’s say it’s one to ten for each channel. Black is 0 0 0, and white is 10 10 10. The burn tool is just gonna reduce all three of those values so now it’s 9 9 9. So you can see where if the center of those circles was 10 10 10, the next layer was 9 9 9, etc. With a blown highlight maybe the center was really 10, 11, 11 but the camera can only record up to 10 so you wind up with 10,10,10 and lose that detail.
So we have to create something that wasn’t there before. I’ve used a clone stamp tool in photoshop to paint over those white areas with another part of your sky and blended it in. I then painted on just a very very slight amount of black to create detail where there wasn’t any.
I now was able to flatten the image and convert to a smart object and brought it into the camera raw filter to edit it normally. I used a graduated filter to edit the bottom half without changing the work I did to the top and gradually blend it into the frame.
Your histogram looked good so it’s not that there’s anything wrong with the light meter it’s just that in a shot like this it would be better to use spot metering or center weighted metering.
There also a setting in the camera setting which is called “overexposed.” This will show you on screen when there is a blown highlight by showing it as a black and white zebra stripe alerting you that you need to reduce your exposure so you don’t have this issue.