There is an error in the pattern:
Round 9 should read: k4, #yo, k1, p1, (k1, p2tog)
twice, k1, p1, k1, yo, k7; rep from #
around, ending k4

Beautiful lacey texture with Umbrella flounce and picot edges, this cowl can be worn in a variety of ways for fashion and warmth. Quick knit worked up in one day makes a great gift.