Bewitching Stitch

I spotted this dishcloth pattern (free, by the way) and was mesmerized by the stitch.  I don't have a lot of use for knitted dishcloths (no knock on that, I know some people really like them) but I could imagine this stitch made into a stole or shawl or cowl.

I love how I've been knitting forever but I still see stuff that piques my curiosity and makes me think about how it was constructed.  The possibilities with knitting are so endless!