Found in a Japanese stitch dictionary... maybe one of the 500 Patterns books? Also appears in Barbara Walker’s A Second Treasury of Knitting Patterns* page 254 under the name “Eyelet-Waved Rib.” See also Primer No. 38.
Picture it in a scarf, stole, or blanket, in a semi-rustic yarn... Silky Wool, perhaps? Or Loft?
*Affiliate link. Buy the book and I get a couple pennies.