From Sarah E. White,
Your Guide to Knitting.
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Definition:

Works on multiples of 6 stitches.

Row 1: *Knit 1, purl 5. Repeat from * across.

Row 2: *Knit 4, purl 2. Repeat from * across.

Row 3: *Knit 3, purl 3. Repeat from * across.

Row 4: *Knit 2, purl 4. Repeat from * across.

Row 5: *Knit 5, purl 1. Repeat from * across.

Row 6: Repeat row 4.

Row 7: Repeat row 3.

Row 8: Repeat row 2.

Repeat these eight rows for pattern.

Also Known As: Pennant Pleats, because of the tendency of the pattern to fold on itself.