**Ruffles: (RS) k1, * K twice in next st, rep from * to last st,K 1.
Continue in Stockinette st for 11 rows. Change to smaller needles.
COLOR=Red K1, *K2 tog, rep from *to last st, K!.
(WS) K1, *k next st together with same st in previous knit row, rep from * to last st, K 1. Bind off 3 sts at beg of next 2 knit rows.** Repeat from * to * 4 more times...
The first row has you increasing for the ruffles, so you don't want to include that in your repeat.
My take is that you'll repeat the two previous rows (in red) 4 more times. (5 times total)