Knit the pattern like this over the next round:
Use an extra needle to work the pattern.
* Slip 6 stitches (2 knit stitches, 2 purl stitches, 2 knit stitches) on to the extra needles. PLace the needle in front of your work. Wrap the yarn twice around (2x360 degrees) the six stitches. Tighten a bit, but not so much that you´ll make holes in your work. Knit the six stitches (K2, P2, K2).  P2. *. Repeat from * to * throughout the round.

Keep knitting like this:
Knit a rib, K2 , P2 over the 5 next rounds.
K2, P 2
(The new round will start here. Every time you are about to knit the round of pattern, you will start 4 stitches into the next round to make the waffel-stitch in the correct way)
Knit one full round in teh pattern like before.

Continue until the work is 7".

Start decreasing right after a round of the pattern. Switch to DP needles.
Round 1: * K2, K2tog, K2, P2* Repeat from * to * throughout the round.
Round 2-4:* K5, P2* Repeat from * to * throughout the round.
Round 5: * K1, K2tog, K2, P2* Repeat from * to * throughout the round.
Round 6-8: * K4, P2* Repeat from * to * throughout the round.
Round 9: * K1, K2tog, K1, P2* Repeat from * to * throughout the round.
Round 10: * K3, P2* Repeat from * to * throughout the round.
Round 11: * K2tog, K1, P2* Repeat from * to * throughout the round.
Round 12: * K2, P2* Repeat from * to * throughout the round.
Round 13: * K2, P2tog* Repeat from * to * throughout the round.
Round 14: * K2, P1* Repeat from * to * throughout the round.
Round 15: K2 tog, P1* Repeat from * to * throughout the round.
Cut the yarn and put it through the rest of the stitches. Pull and assemble.