I promised yesterday that I'd finish off row directions for the "Decrease Pleat" as I've decided to call it.  If you come up with a more clever name for this, send me a note.  I'll give you credit and rename the pleat!  

Now:  Here's a quick diagram of what the pleat actually looks like if it were laid out flat.  

For the sake of argument, let's say we want a 10 st wide facing, and the back of the pleat to be 20 sts wide.  You then need to decide on the length of the pleat.  Let's say we want a 5" long pleat.  For simplicity, we'll use a row gauge of 8 sts to the inch.  In 5 inches, I'll have 40 rows.  Over those 40 rows I know I want to decrease the width of the back of my pleat from 20 sts to zero sts.  Halving that will give us the solution for our left and right return, since there is only one decrease knit in each return.  Simple algebra will give us our directions.  

The number of sts to decrease (DS) divided by 2 = number of decrease rows we'll knit. 
or 
20 sts / 2 decreases per row = 10 decrease rows.
40 rows / 10 decrease rows = 4.  We now know that for a 5 inch pleat we'll need to decrease every 4th row or every other RS row.  

The other thing to keep in mind is the direction the decrease leans.  

SO here we go...
Row 1:  K10, sl1, k10, p1, k20, p1, k10, sl1, k10.
Row 2: P21, k1, p20, k1, p21.
Repeat rows 1 and 2 once more. 
On the next RS row: k10, sl1, k8, k2tog, p1, ssk, k16, k2tog, p1, ssk, k8, sl1, k10.

Continue in this manner decreasing every other RS row.  Decreases will be in the two stitches before and the two stitches after both purl fold lines.  

Voila!  When it's folded together it looks exactly like a traditional inverse pleat without the ridge where the three thicknesses of fabric come together!  

I'll post photos of a swatched decrease pleat over the weekend.  And keep you eyes out for the next installment of knitted pleats!  We'll talk about knitted in hems in a pleated skirt!  I can barely contain my excitement.