The purpose of this little knitting experiment was to figure out how the stripe pattern would look in Patons Classic wool.
Patons merino knits up like a charm, at a gauge of 20 stitches by 26 rows on #7 needles. It's rare when I can achieve the recommended gauge using the size needles actually called for on the skein band!
I started with a two row stripe, with 8 rows of main color between stripes. Then went with a 4 row stripe and 8 rows in between. BTW, I always knit 2 rows plain after the ribbing. Why? So your patterning begins on a "flat canvas" - no rick-racky look [especially with stripes] along the bottom of the sweater. Also, your design is not hidden in the ripple effect of the gathers created by the ribbing. Of course, if you are knitting with wool, you can always block some of those ripples right out of the body and
some elasticity out of the ribbing. In fact, me thinks that the ribbing on the original sweater was knit separately, completely blocked and sewn onto the bottom of the sweater. Note that there is virtually no elasticity to it. DO NOT do this with acrylic yarn!
At this gauge [20STS x 26RS=4"], the two row stripe looks somewhat more in proportion when you consider that you will have to knit 8 different colored stripes to complete one full repeat of the pattern. Double checked on a size 8: knitting with the Patons merino, the row count to the neckline would allow a single repeat of the 8 colors in a 4/8/4 sequence - no more. However....it always boils down to the knitter's preference. ;0)
BTW, 24 rows of 4 x 4 ribbing [on #5 needles] measures 3.25 inches.
Patons Merino knits up smoothly - Just wish they carried all eight colors in the classic wool. Now comes the tricky part: locating all colors, in wool, and in a 3 ply, medium weight yarn. Can't believe I found more authentic colors in acrylic!

