The fan and feather stitch is a popular stitch that creates the look of a lacey wave.

From the 2nd edition:

This is a classic favorite pattern that has been handed down from generation to generation. Knitted on large needles, it has a lovely, lacey {sic} look.

Photographed model made with Lion Brand Imagine color #328 Moody Blues.

1985 Edition (page 63)
Materials
Worsted weight yarn, 21 oz Off White
36” long size 10 circular needle (or size required for gauge)
Gauge: Each fan point = 4.5”
Size: 48” x 64”