I have a couple of sweaters my mom bought me a month or so ago which include a rather spiffy decorative element. Last night I worked out how to knit it; here it is.
Abbreviations: R-k1p1 rib; DL-left leaning 2 into 1 decrease; DR right leaning 2 into 1 decrease; DC-3 into 1 decrease such that the center stitch is the one on top; YO-yarn over; M1-make 1 by wrapping the yarn around the right needle as if it were a twisted stitch, not the same as a YO
Pattern repeat of 15 stitches+2. CO desired number of stitches and R several rows. The right side is the side that begins and ends with a knit.
Row 1 (right side): R6, DL, k1, DR, R6 (13 sts in pattern)
Row 2: R6, p3, R6
Row 3: R6, DC, R6 (11 sts in pattern)
Row 4: R across
Row 5: R2, YO, M1, R2, DL, K1, DR, R2, M1, YO, R2 (13 sts in pattern)
Row 6: R6, p3, R6
Row 7: R6, DC, R6 (11 sts in pattern)
Row 8: R across
Repeat rows 5-8 for desired length.
Row 9: R2, YO, M1, R9, M1, YO, R2 (15 sts in pattern)
Return to k1p1 rib across for all subsequent rows
This produces a column of upward points with holes along the side.